Air France Shares Tumble After CEO’s Resignation
- Europe’s biggest airline cancels flights due to strikes
- Finance Minister Le Maire says airline isn’t competitive
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Air France-KLM Group is facing its biggest crisis in years as Chief Executive Officer Jean-Marc Janaillac prepares to quit amid a deepening labor conflict that the French government has warned is threatening its very survival.
The stock dropped as much as 14 percent, the most since 2002, on Monday, when Europe’s biggest airline was forced to scrap 15 percent of its flights and said even more would be canceled on Tuesday due to a series of strikes that began in February.