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KLM's CEO Elbers will not serve third term

AMSTERDAM (Reuters) -Pieter Elbers, the chief executive of KLM, the Dutch arm of Air France-KLM, will not serve a third term, the company said on Thursday. Elbers, 51, is a...
KLM's CEO Elbers will not serve third term © Reuters. FILE PHOTO: KLM CEO Pieter Elbers takes part in a panel discussion at the International Air Transport Association's (IATA) Annual General Meeting in Boston, Massachusetts, U.S., October 4, 2021. REUTERS/Brian Snyder

AMSTERDAM (Reuters) -Pieter Elbers, the chief executive of KLM, the Dutch arm of Air France-KLM, will not serve a third term, the company said on Thursday.

Elbers, 51, is a 30-year veteran of the company who oversaw restructurings at KLM before and during the coronavirus pandemic. The company said he will step down as of May 1, 2023.

KLM has been part of the Air France-KLM group since 2004, but relations between the Dutch subsidiary and its French-dominated parent have been strained in recent years by KLM's relatively stronger financial performance.

"The Air France-KLM Board of Directors has approved that the Supervisory Board of KLM, after close consultation with CEO Pieter Elbers, has established that (he) will not enter into a third term," the company said in a statement on the group website.

Air France CEO Ben Smith and Chairwoman Anne-Marie Couderc thanked Elbers for his service.

In a separate statement on KLM's website, Elbers said he was proud of his time at the company and would continue to "support KLM in this transition toward new leadership."

In 2019, the Dutch state purchased a 14% stake in Air France-KLM in a surprise move it said it hoped would help it gain more influence and protect the Netherlands' interests in the company.

Elbers is known as a strong advocate for KLM interests within the group, but has always rejected the idea - sometimes mooted by Dutch politicians - that KLM should split from the group.

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27-01-2022 19:26:36 (UTC+7)

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 EUR/USD1.1142Neutral
 GBP/USD1.3383↑ Sell
 USD/JPY115.43Buy
 AUD/USD0.7032Sell
 USD/CAD1.2743Buy
 EUR/JPY128.61↑ Buy
 EUR/CHF1.0378Sell
 Gold1,794.90↑ Sell
 Silver22.730↑ Sell
 Copper4.4210↑ Sell
 Crude Oil WTI87.25↑ Sell
 Brent Oil88.84↑ Buy
 Natural Gas4.329↑ Sell
 US Coffee C231.78Buy
 Euro Stoxx 504,184.97↑ Buy
 S&P 5004,326.50↑ Sell
 DAX15,524.27↑ Buy
 FTSE 1007,554.31↑ Buy
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,932.23Neutral
 IBEX 358,706.00↑ Buy
 BASF68.450↑ Sell
 Bayer52.58↑ Sell
 Allianz228.70↑ Sell
 Adidas242.15↑ Sell
 Lufthansa7.045↑ Sell
 Siemens AG140.50↑ Sell
 Deutsche Bank AG11.920↑ Sell
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