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Air France-KLM's top two executives say they will step down in July as the struggling airline tries to turn its business around.
Chairman and CEO Jean-Cyril Spinetta will be replaced by Alexandre de Juniac, who is currently chief executive of Air France. Peter Hartman, who is CEO of KLM, will replace Leo Van Wijk as vice chairman of the Air France-KLM board.
The Franco-Dutch company lost 1.1 billion euros ($1.4 billion) in 2012. It is struggling, in part, with factors outside its control: Europe's economic crisis, rising fuel costs and competition from low-cost airlines. But the company is also trying to better manage its staff costs. Last year, it inked new, more flexible agreement with unions and it is also in the process of cutting 10 percent of its workforce.