PARIS (AP) — Air France’s share price dived Monday after its CEO quit and the French government warned that the country’s flagship carrier might collapse.
A new strike Monday over wage demands, meanwhile, prompted the cancellation of about 15 percent of Air France flights worldwide. The number of striking staffers appears to be slightly declining as the airline enters its 14th day of walkouts this year, but the labor action has already cost the company more than 300 million euros ($360 million) in a matter of weeks.
Amid questions about its future management and direction, Air France’s share price plunged nearly 13 percent at the open Monday but recovered as the day went on. By early afternoon Paris time, Air France shares were down 9.7 percent at 7.31 euros.
The share price woes follow the resignation Friday evening of Air France-KLM CEO Jean-Marc Janaillac after workers rejected the company’s latest wage proposal.
