Air France KLM (AIRF.PA) shares slumped on Monday after the company’s chief executive said he would resign following the rejection of a pay deal by the airline’s staff. Air France KLM shares were down by around 12.8 percent at 7.06 euros ($8.42) in early session trading, touching their lowest level since April 2017. The stock is down by around 50 percent since the start of 2018, underperforming a 3.7 percent gain on the broader Paris SBF-120 .SBF120 index and a 4 percent fall on the pan-European STOXX 600 Travel & Leisure index .SXTP. Late on Friday, CEO Jean-Marc Janaillac said he would resign after staff rejected a pay deal, plunging the airline into turmoil amid a wave of strikes at its French brand that has so far cost the company 300 million euros. Airline staff are planning further strikes on May 7 and May 8.

Source: Egypt Independent May 07, 2018 07:18 UTC