MIAMI – Air France-KLM Group (AF) has announced the retirement of Frédéric Gagey, Chief Financial Officer, effective July 1, 2021.

Frédéric Gagey has a 25 year-long history with the AF-KLM Group, occupying several top positions. Managing Director and Chief Financial Officer at KLM between 2005 and 2012, becomes AF CFO from 2012 to 2013, moves then to CEO of the AF-KLM Group up to 2016. In 2016 Frédéric Gaghey takes over the position of interim General Manager of the AF-KLM where he remains up to 2018.

“I would like to express my gratitude and thanks to Frédéric Gagey for his remarkable contribution to the Air France-KLM Group, which he has served with talent and dedication over the past 25 years”, declared Anne-Marie Couderc, Chairman of the Board, Air France-KLM. 

"I would like to express my gratitude and thanks to Frédéric Gagey for his remarkable contribution to the Air France-KLM Group." Anne-Marie Couderc, Chairman of the Board, Air France-KLM Click To Tweet

I would like to warmly thank Frédéric,” said Benjamin Smith, CEO of Air France-KLM, “He played a key role in his last position as CFO of the Group and has contributed, in the exceptionally difficult period we are still going through, to ensure the financial survival of our Group.”

Benjamin Smith added, “in particular, he successfully led the negotiations and implementation of our financial support and recapitalization plans for the Group. It is a privilege to be able to work with Frédéric and benefit from his experience.”

KLM Boeing 777-200 PH-BQI. Photo: Daniel Gorun/Airways

Steven Zaat Takes the Helm as New CFO


Frédéric Gagey is being replaced by Steven Zaat, presently AF CFO, and both shall work together in order to assure a smooth transition.

The new CFO has over 20 years of experience in the airline industry. He joined KL in 2000 where he held various financial positions in the Engineering & Maintenance division, then as VP Finance Alliances and Head of Audit, where he worked closely with Mr. Gagey, then CFO of KL.

In 2014, Steven Zaat joined the AF-KLM Group as VP Finance & Control of the Engineering & Maintenance division. In 2015, he became SVP Corporate Control of AF-KLM. He was appointed AF CFO in July 2019.

Benjamin Smith commented on the Steven ZAAT nomination declaring, “Steven Zaat is an outstanding leader with experience and extensive financial knowledge of the Group and its airlines, which are highly valued assets to take over as CFO of the Group.”

He continued his declaration by further prising the new CFO “Steven is perfectly prepared to take on this role, having held several strategic positions within KLM, Air France and Air France-KLM. I have no doubt that he will be an excellent CFO to help Air France-KLM weather this crisis, prepare for the recovery and regain its leadership in the industry.”


Featured image: Air France Boeing 787-9 Dreamliner F-HRBF. Photo: Alberto Cucini/Airways