Air France-KLM appoints Dutchman Steven Zaat (51) as Chief Financial Officer. He will be the successor of Frenchman Frédéric Gagey (64), who will retire on July 1. The appointment means that the Dutch input at the top of the ailing airline group will be significantly strengthened.
Zaat had been working as CFO at Air France since mid-2019, where he was responsible for implementing tough budget cuts due to the Covid-19 crisis. Together with the holding company's Canadian CEO Benjamin Smith, he will soon form the hub of the 12-headed executive committee. In addition to KLM President Pieter Elbers, this committee also includes Dutchmen Pieter Bootsma (Chief Revenue Officer) and Adriaan den Heijer (Cargo).
As CFO of Airfrance-KLM he will have a tough job. Since the Covid pandemic, the group has been piling up billions of Euros in losses. The Dutch and French governments have come to the aid of the airline group on several occasions. During the latest rescue operation, this spring, it was already made clear by the governments that it would not stop there.
Zaat joined KLM in 2000 as a controller, having previously worked for Akzo Nobel. There he began his career after studying economics at the Erasmus University in Rotterdam. In 2014 he made the move from KLM to the umbrella holding company in Paris, first as CFO of the maintenance division. In August 2019, he moved on to the CFO position at subsidiary Air France.
KLM President Elbers reacted positively to the appointment of his compatriot, but according to him the nationality of a top official at the airline group matters less than is often assumed in the Netherlands. 'You have to see through the Dutch-French dynamic. I do not care for nationality. It's good that there are people in the group with different backgrounds in different positions.'
'Steven is perfectly prepared for this role,' says Ben Smith in a press statement, pointing to his background at both the holding company and its two largest operating companies. 'I have no doubt that he will be an excellent CFO to help Air France-KLM overcome this crisis, in preparation for recovery and regaining leadership in the industry.'
Since the takeover of KLM by Air France in 2003, there has been ongoing discussion about the contribution of Dutch managers at the top. Over two years ago, the reappointment of KLM president Peter Elbers threatened to be thwarted by CEO Ben Smith. That dispute ended in a hissy fit. Smith acquired a seat on KLM's supervisory board. On that occasion, Air France-KLM introduced a special CEO committee, which includes the leaders of Air France and KLM, in addition to the CEO and CFO of the holding company. With Zaat's appointment, the holding company's top four will soon consist of several nationalities: two Dutch, one Canadian and one French.
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Steven Zaat studied Economics and Business Economics at Erasmus School of Economics. He graduated in 1994.
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