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Air France-KLM shares plummet in aftermath of CEO Janaillac 's resignation

Air France-KLM shares plummet in aftermath of CEO Janaillac 's resignation

Janaillac had the support of Bruno Le Maire, France's economy minister who supports Air France management.

The share price woes follow the resignation Friday evening of Air France-KLM CEO Jean-Marc Janaillac after workers rejected the company's latest wage proposal.

Monday's walk-out is the 14th day of action, as staff press for a 5.1% salary increase this year.

Mr Janaillac is not the first Air France executive to suffer at the hands of its unions.

Pressure on Air France-KLM AIRF.PA grew on Monday as its shares fell by more than 10 percent after chief executive Jean-Marc Janaillac said he would resign over the rejection of a pay deal by the airline's staff.

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By 1455 BST, Air France shares were 9.91% lower at €7.29.

Air France shares have gone into a tailspin on the Paris stock exchange today amid warnings the strike-hit company could "disappear".

"Those who think that, whatever happens, the state will come to the rescue of Air France and mop up the losses of Air France are wrong", said Mr Le Maire. On medium-haul flights to and from Paris-Charles de Gaulle, the percentage drops to 80%, while it expects to operate 87% of short-haul flights to and from Paris-Orly and the rest of the regional airports.

Be that as it may, numerous investigators say Air France has lingered a long ways behind with regards to rebuilding and has neglected to address its proceeded with misfortunes.

After negotiations reached deadlock, Janaillac called a vote last Friday, the results of which went against him.

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The overall cost of eleven days of strikes is estimated at some 300 million euros (almost $359 million), with one day of protests costing the company slightly more than 25 million euros.

The strikes have taken a heavier toll on Air France than management and investors expected, and the company last week forecast a "notably" lower income this year compared with 2017.

The government of French president Emmanuel Macron is involved in its own ongoing battle with broad swaths of society which are resisting economic reforms.

"Be responsible. The survival of Air France is in the balance", he added.

Unions want a 5.1% pay rise this year, arguing that their wages have been frozen since 2011 amid restructuring and noting that the company's profits are up.

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