The divisive chief executive has advised the Qantas board he’s not sticking around as regulatory scrutiny grows.
Qantas chief executive Alan Joyce will depart the airline on Wednesday, bringing forward his retirement by two months amid a firestorm engulfing the company over illegal ticket sales and undue influence over government.
Qantas shares have sunk more than 12 per cent over the past month, as investors weigh the impact of a $15 billion upcoming capital expenditure bill that his successor Vanessa Hudson will inherit, as well as potential fines of as much as $250 million being pursued by the competition watchdog.CEO designate and current CFO Ms Hudson will step up to the top job on Wednesday.
Qantas Chairman Richard Goyder said: “Alan has always had the best interests of Qantas front and centre”, proven by his decision to leave early. He said his last legacy would be the ultra-long haul Project Sunrise flights that are set to launch at the end of 2025. “This transition comes at what is obviously a challenging time for Qantas and its people. We have an important job to do in restoring the public’s confidence in the kind of company we are, and that’s what the board is focused on, and what the management under Vanessa’s leadership will do.”
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