Article from BTNews 24 SEPTEMBER 2018
Air France union backs Smith
The head of the main pilots’ union at Air France said last week he had confidence in the ability of the Air France-KLM group new CEO Ben Smith to solve a pay crisis that cost the former CEO his job.
SNPL union president Philippe Evain told France’s RTL Radio he had a “short but extremely interesting” meeting with Smith, who took up his new role ahead of schedule last Monday.
On the same day, Smith said he was investing half of his fixed salary into Air France-KLM stock to demonstrate his "confidence" in returning the group to a more solid footing.
His fixed salary is €900,000 (about £806,000) a year, but total compensation could reach more than €4m if performance targets are met. The package was criticised by unions, as it is more than three times that paid to Smith's French predecessor.
Smith made the investment promise in a video message to staff as he took up his new position, according to a transcript obtained by the AFP news agency, adding: "I have already made a personal investment by moving with my family to France.
“Today I have decided to make another investment by investing half my fixed salary in Air France-KLM's share capital.”
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