Gagey to be replaced soon as Air France chief: newspaper By Reuters

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Gagey to be replaced soon as Air France chief: newspaper

Stock Markets Oct 22, 2016 10:10AM ET

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PARIS (Reuters) - Frederic Gagey stands to lose his job as boss of French carrier Air France in early November when its parent Air France-KLM (PA:AIRF) unveils a new strategic plan to the board, daily La Tribune said on Friday.

Under the "Trust Together" plan to be announced on Nov. 3, Jean-Marc Janaillac, chairman and chief executive of Air France-KLM (PA:AIRF), will take on the additional responsibility of Air France chairman while a new CEO will be picked for the French carrier.

A spokeswoman for Air France-KLM declined comment. She said announcements related to the "Trust Together" plan will be made to a workers' committee meeting slated for Nov. 3.

Air France-KLM has struggled in recent years with weak demand and overcapacity across the industry. It has been striving to cut costs to compete better with deep-pocketed Gulf airlines and fast-growing European low-cost carriers.

Air France-KLM reported a 114 million euro ($124 million) net loss in the first half of the year but posted a 41 million euro net profit in the second quarter.

Gagey, who struggled over the summer with pilot and cabin crew strikes, was offered the position of Air France-KLM finance chief, to replace Pierre-François Riolacci, who is stepping down, La Tribune said. It did not say if Gagey had accepted.

Among potential candidates for the CEO job, the paper named Lionel Guerin, deputy general manager of Hop Air France, Franck Terner, head of the maintenance division, Nathalie Stubler, CEO of Transavia France, and Alain-Herve Bernard, who is in charge of medium-haul carriers.

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