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New boss of Air France has €8.5m safety-net

LanguedocLiving, Sep 9

Benjamin Smith, the new boss of Air France-KLM, who is due to start work at the end of this month, could get compensation of up to €8.5 million euros, according to Liberation on Friday.

Mr Smith is alleged to be on €4.25m a year when he arrives at the offices of Air France;KLM amid strike threats.

Air France-KLM published these words, on their website

“In certain cases of forced departure (notably in the event of dismissal, non-renewal of his office as Chief Executive Officer or forced resignation) “, the basis of Mr. Smith’s severance pay” is equivalent to two years of fixed compensation and annual variable.”

In other words, if he is forced out by the unions, he could be walking away with a tidy sum of €8.5m, which perhaps goes some way towards explaining why he decided to take the risk and jump ship from Air Canada to the troubled Air France-KLM.

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