Air France shares plummet after CEO quits

That's brave: Bardem on Iran's Farhadi making a Spanish film

That's brave: Bardem on Iran's Farhadi making a Spanish film

The survival of strike-hit Air France is in the balance, according to the country's economy minister.

ValuEngine lowered shares of Air France-KLM (OTCMKTS:AFLYY) from a buy rating to a hold rating in a research note published on Friday morning.

Paris - Air France KLM shares slumped on Monday after the company's CEO said he would resign following the rejection of a pay deal by the airline's staff.

Air France is entering its third week in a walkout by air-crews, ground staff and pilots demanding a 5,1% pay rise; Le Maire said the company faced a challenge of competitiveness and could "disappear", appealing to workers to be responsible.

Air France-KLM CEO Jean Marc Janaillac declared his resignation Friday evening after employees denied the organization's latest wage proposal.

Despite the strike, the airline insisted that it would be able to maintain 99% of long-haul flights on Monday, 80% of medium-haul services and 87% of short-haul flights.

Strikes over the pay dispute, due to resume on May 7 and May 8, have cost the company 300 million euros (£265.5 million) so far.

Air France-KLM is one of the biggest full service airlines in Europe, which has been suffering from competition by low cost carriers.

Back in 2015, protesters ripped the shirts off Air France executives after the company revealed plans to cut thousands of jobs. "I think we can find a way out".

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

"There's reason enough to be anxious", CFDT leader Laurent Berger.

The government's response is seen as a test of labour reforms launched by French President Emmanuel Macron.

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