Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Air France CEO meets Dutch politicians on KLM unrest

Stock MarketsFeb 15, 2019 05:15AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Pieter Elbers, President and Chief Executive Officer of KLM, poses before a news conference in Paris

AMSTERDAM (Reuters) - Air France chief executive Ben Smith on Friday met the Dutch finance and transport ministers, amid growing unrest at the company's vital KLM subsidiary over plans for tighter integration with its French parent.

Smith did not answer questions after the morning meeting in The Hague, but Netherlands Finance Minister Wopke Hoekstra told reporters that they had had "intensive talks".

"I don't think it's polite to say exactly what we discussed," Hoekstra said. "It was about protecting the interests of Schiphol (airport) and KLM."

The meeting comes a day after KLM received a petition signed by 25,000 of its 35,000 employees asking Air France to renew the contract of KLM CEO Pieter Elbers, who is due to leave the company when his term expires in April.

Air France's board is due to meet Feb. 19 ahead of full year earnings Feb. 20, a meeting where either a decision should be made to reappoint Elbers or a new leader should be nominated.

Elbers is seen as a staunch defender of Dutch interests, as KLM has carefully guarded its independence within the Air France group since its takeover in 2003.

The relative outperformance of the Dutch subsidiary has caused tensions within the group. KLM staff regarded repeated costly strikes at Air France with dismay, as the Dutch arm of the union weathered endured painful cost-cutting and layoffs during Elbers' tenure.

For the first nine months of 2018, Air France Group reported operating profit of 328 million euros ($370 million), while KLM had operating profit of 960 million euros.

Air France CEO meets Dutch politicians on KLM unrest
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email