Air France workers tear up another executive

Air France workers tear up another executive

Bruno Le Maire's warning that Air France could "disappear" comes as staff begin another round of industrial action over a pay dispute.

Late on Friday, a visibly shaken chief executive Jean-Marc Janaillac threw in the towel, resigning from a post he held for less than two years after failing to win backing from employees for his pay proposals. However, by afternoon, the shares of Air France were down by 9.7 percent at price of 7.31 Euros.

On Monday, the price of the shares of Air France dived as the CEO of the company did quit and the French Government warned the country's flagship carrier might collapse.

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

On Sunday, Mr. Le Maire disclosed to French news channel BFM: "I approach everybody to be mindful: group, ground staff, and pilots who are requesting unjustified pay climbs".

Travellers should expect last minute delays and cancellations, Air France said, adding it will update its flight schedule for Tuesday later today.

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

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Societe Generale analysts warned the weaker earnings performance could lead to a rift between Air France and its profitable Dutch partner, KLM.

CEO Jean-Marc Janaillac's attempt to cut costs at the carrier to keep up with competition from budget airlines and Gulf rivals ran into strong union resistance, as had his predecessor's efforts, raising questions over its ability to reform.

Air France's share price plunged almost 13% at the open on Monday and was trading 10.9% lower at 7.21 euros in the early afternoon in Paris amid questions about its future management and direction.

The airline said it anticipated operating 75 percent of medium-haul flights and 95 percent of long-haul services to and from Paris Charles de Gaulle airport, and 82 percent of short-haul flights.

Of the 80.33% of Air France staff who took part in the pay vote, 55.44% voted "no" to the pay deal on offer.

The Air France turmoil has coincided with other strike action in France where rail workers press on with rolling stoppages to protest President Emmanuel Macron's planned overhaul of SNCF, the state-run train operator. The agreement, rejected by the trade unions, outlined a 7-percent salary raise between 2018-2021, with a 1-percent salary increase in 2018.

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