Qantas CEO Alan Joyce has announced his early retirement to prioritize the company’s renewal. In a statement, Joyce acknowledged the recent focus on Qantas and the need for change, indicating his confidence in Vanessa and the new management team to take over and do an excellent job. Last month, Qantas achieved a record pre-tax annual profit of approximately AU$2.5 billion, a significant improvement from the previous year’s loss of almost AU$2 billion. Under Joyce’s leadership, the airline underwent a substantial restructuring process to improve its financial standing, which at times angered employees who faced layoffs or reduced hours.
Michael Kaine, the Transport Workers’ Union national secretary, praised Joyce’s departure and called for the resignation of other board members as well. Kaine claimed that Joyce’s retirement came with a $24 million pay package while leaving behind a significant mess in corporate Australia’s history. The Australian government, led by Prime Minister Anthony Albanese, has also faced criticism in relation to the crisis. Critics accuse Albanese of rejecting Qatar Airways’ plan for more Australia flights to protect Qantas’ profits, potentially causing inconvenience to passengers. Albanese denied these claims, asserting that Australia has one of the most open aviation markets globally, and emphasized ongoing aviation sector reforms.
Qantas Chairman Richard Goyder expressed confidence in Joyce’s dedication to the company’s best interests and acknowledged the challenging circumstances surrounding his retirement. Goyder emphasized the need for Qantas to restore public confidence in its operations. The appointment of Vanessa Hudson as Joyce’s successor will be subject to approval by shareholders during the annual general meeting in November.
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