Air France-KLM, Novartis and Cohen, Soros and Tesla

Air France–KLM (AFLYY) Raised to “Hold” at Zacks Investment Research

Delta, Virgin Atlantic and Air France-KLM have signed definitive agreements relating to their planned three-way transatlantic joint venture.

Directors also apologised to Air France customers for the misery caused by a series of strikes this year as unions rejected pay offers.

Air France-KLM said CFO Frederic Gagey will take over as interim CEO after Jean-Marc Janaillac stepped down because of a labor relations crisis.

Gagey, 61, will sit on a new management committee alongside Franck Terner and Pieter Elbers, CEOs of the French and Dutch operations respectively, who will act as his deputies.

Couderc, a lawyer by training and an Air France board member since 2016, is a onetime protegee of former French president Jacques Chirac who has spent her career between business and politics.

Moreover, regarding Air France, Couderc will also be appointed as non-executive chairman of Air France's Board of Directors and Franck Terner will remain as Air France's managing director.

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Air France-KLM reported a net loss of 269 million euros (USD 322 million) for the first quarter, weighed down by the strikes. The role of the CDC will be to oversee and monitor the Group functions and coordinate strategic matters between the Group and its airlines.

Tuesday's move is created to fill a gap left by the abrupt departure of chief executive Jean-Marc Janaillac after Air France staff earlier this month rejected a pay proposal aimed at ending a series of strikes that have resulted in heavy losses.

"The board of directors has complete faith in the ability of the management committee and the group executive committee to manage the group's activities during this transition period", Couderc said. "For my part, I will pay particular attention to strengthening the group's cohesion throughout this period".

Departing CEO Janaillac told the shareholders' meeting that the group was facing "one of the worst crises in its history". It reiterated the strikes would have a negative impact on the group's financial results-they have cost it €300 million ($355 million) so far.

The definitive agreement comes close to 10 months after the three airlines announced that they'd reached tentative terms on the partnership, which would unify the existing Delta-Virgin Atlantic joint venture with the joint venture between Delta, Air France-KLM and Alitalia.

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