Air France CEO Jean-Marc Janaillac during a press conference. Photo: Eirc Piermont/AFP via Getty Images
Air France-KLM Group's stock dropped as much as 14% on Monday in the fallout of CEO Jean-Marc Janaillac's announced resignation late last week amid a labor dispute, reports Bloomberg. Janaillac plans to submit his resignation to the board on May 9.
The state of play: Air France has lost $358 million in operating profits this year because of labor strikes — with a push for higher wages by Air France's employees at the heart of the conflict. Janaillac had offered a 7% wage increase to employees over the next four years as a last-ditch effort to remain in his position, but it was voted down, forcing his departure.