Triumvirate to run strike-hit Air France-KLM for now after pay row

Air France-KLM installed a triumvirate of executives led by its finance chief to run the strike-hit airline while it searches for a new CEO, following a standoff over staff pay. Tuesday’s move is designed 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. Air France-KLM said the new three-person executive committee would comprise group Finance Director Frederic Gagey, who would take on the role of CE, and the existing heads of the two national brands that merged in 2004: Air France and KLM. Bernstein analysts said in a note that while the move provides some stability, a formal successor was still required. “Whoever that person is will face significant challenges throughout the business, from competitive threats in AF KLM’s key markets, an emboldened union in France which is likely to ramp up its demands and the lack of a coherent long-term strategy,” they wrote. Air France-KLM also named board member Anne-Marie Couderc as non-executive chairwoman.<br/>