Published on Tuesday, May 8, 2018

Shares in Air France fall as CEO quits

Shares in Air France fell 14% in early Monday trading, as investors reacted to the resignation of the airline's CEO.

Jean-Marc Janaillac carried out his threat to quit after staff rejected the latest pay deal last week.

Workers are carrying out more strikes this week, with two consecutive days of industrial action starting yesterday and continuing today.

Mr Janaillac's resignation was followed by a warning from France's economy minister, Bruno Le Maire, that Air France could 'disappear'.

Mr Le Maire told French news channel BFM TV: "I call on everyone to be responsible: crew, ground staff, and pilots who are asking for unjustified pay hikes.

"The survival of Air France is in the balance," he said.

"Air France will disappear if it does not make the necessary efforts to be competitive," he warned.

The airline is part-owned by the French government.

Air France-KLM reported a net loss of €269m (£238m) in the first quarter of the year.

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