Published: Thu, May 17, 2018
Business | By Tara Barton

Air France KLM meeting brings temporary respite to a troubled partnership

Air France KLM meeting brings temporary respite to a troubled partnership

Couderc, a lawyer by training and an Air France board member since 2016, is a onetime protegee of former French president Jacques Chirac who has spent her career between business and politics.

In an announcement forward of an annual shareholder assembly, Air France-KLM mentioned the brand new three-person govt committee would come with group Finance Director Frederic Gagey, who would tackle the position of Chief Government, and the present heads of the 2 nationwide manufacturers that merged in 2004: Air France and KLM.

The group's profits have been drained by the French walkouts, with the first-quarter losses entirely due to Air France which lost 178 million euros compared to KLM's profits of 60 million euros.

Daily operations at the combine will be in the hands of Gagey, Elbers and Air France chief Franck Terner.

Moreover, regarding Air France, Couderc will also be appointed as non-executive chairman of Air France's Board of Directors and Franck Terner will remain as Air France's managing director. "It is important that, throughout the group, we restore the good spirit, cohesion, and stability that we had in the early days of our partnership". The role of the CDC will be to oversee and monitor the Group functions and coordinate strategic matters between the Group and its airlines.

"The board of directors has complete faith in the ability of the management committee and the group executive committee to manage the group's activities during this transition period", Couderc said.

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Air France staff have staged a series of one-day strikes which the airline said have cost it EUR€400 million (USD$473.2 million).

Janaillac gambled his job on calling a vote among Air France staff on whether to accept a seven percent pay rise over four years, saying he would quit if it was rejected.

Regarding the continuing labor dispute in Air France, the board confirmed that the Air France's CEO does not have a new mandate to take decisions that would jeopardize the group's growth strategy.

Janaillac said Air France was "going through one of the most hard crises in its history".

The Franco-Dutch group's board of directors said on May 15: "The board recognizes Jean-Marc Janaillac's courageous decision and sincerely hopes that it will open the way to the conditions for a transformation at Air France and fresh momentum for Air France-KLM".

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