Pierre-Henri Gourgeon this week resigned as CEO of Air France and parent company Air France-KLM, to be succeeded by French finance ministry official Alexandre de Juniac,

pending board approval. Former Air France CEO and current chairman Jean-Cyril Spinetta during the transition will assume chief executive duties while vice chairman and former KLM CEO Leo Van Wijk serves as deputy CEO. According to an Air France-KLM statement, the shake-up is meant "to improve the group's operating and financial performance in a context of economic uncertainties affecting the European air traffic, as well as the position of Air France in respect of increased competition from new entrants."