We spoke to KLM Royal Dutch Airlines CEO Pieter Elbers to find out how his company has responded to the rise of low-cost carriers like Ryanair and EasyJet. Following is a transcript of the video.

Royal Dutch Airlines, known simply as KLM, is the oldest airline in the world ... The carrier’s current logo first appeared in 1944 and earned the company its nickname, “The Flying Kangaroo.” ...