The Qantas Airways Limited (ASX: QAN) share price is descending with the market on Monday.
In afternoon trade, the airline operator's shares are down 1.5% to $5.06.
What's going on with the Qantas share price?
The Qantas share price is trading lower on Monday after being caught up in a broad market selloff.
Concerns that rising interest rates could cause a global recession has seen the ASX 200 index tumble 1.3% today.
Not even the release of a positive announcement has been able to keep the Qantas share price in positive territory.
What was announced?
This morning Qantas revealed that it has appointed Stephanie Tully as the new CEO of Jetstar.
Tully will replace current Jetstar CEO, Gareth Evans, when he leaves his role by the end of the calendar year.
The new Jetstar leader has been hired from within. She joined Qantas in 2004 and has worked across operational, commercial, marketing, and customer loyalty functions in progressively more senior roles.
Most recently, Tully has been a group executive and the company's chief customer officer.
In light of her appointment, Markus Svensson will be promoted to the chief customer officer role and become a member of the group executive committee, reporting to the group CEO, Alan Joyce.
Mr Joyce commented:
These appointments come at an important time for us. The team is working incredibly hard to overcome challenges facing the whole industry as it gets back on its feet, and the data shows we're almost there.
Managing this kind of executive renewal internally means we keep our momentum and can leverage a huge amount of corporate knowledge, including through the transition. Stephanie has worked across several different parts of the airline, from crewing to marketing, and has a deep understanding of customer experience. She's an outstanding leader and she'll be leading a very experienced senior team at Jetstar to keep building on the strengths of that business.
