Compagnie Nationale Air France was created by act of parliament on 16 June 1948. Initially, the government held 70%. In subsequent years the French state's direct and indirect shareholdings reached almost 100%. In mid-2002 the state held 54%.[7][9] On 4 August 1948 Max Hymans was appointed president. During his 13-year tenure he would implement modernisation practices centred on the introduction of jet aircraft. In 1949, the company became a co-founder of Société Internationale de Télécommunications Aéronautiques (SITA), an airline telecommunications services company.[7]