Qantas Airways Limited (ASX: QAN) shares will be on watch this morning.
That's because the under-fire airline operator has just released a major announcement.
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Qantas shares on watch as CEO walks
According to the release, Qantas CEO Alan Joyce has advised the board that he will bring forward his retirement by two months to help the company accelerate its renewal.
This means that Qantas CEO designate, Vanessa Hudson, will assume the role of managing director and group CEO effective 6 September.
Joyce revealed that he decided to bring forward his retirement in response to recent events. He said:
In the last few weeks, the focus on Qantas and events of the past make it clear to me that the company needs to move ahead with its renewal as a priority. The best thing I can do under these circumstances is to bring forward my retirement and hand over to Vanessa and the new management team now, knowing they will do an excellent job.
Joyce was rightfully proud of his tenure but acknowledges that there is still work to be done. He adds:
There is a lot I am proud of over my 22 years at Qantas, including the past 15 years as CEO. There have been many ups and downs, and there is clearly much work still to be done, especially to make sure we always deliver for our customers. But I leave knowing that the company is fundamentally strong and has a bright future.
In light of Hudson's transition into the CEO role, the company will accelerate the appointment of Rob Marcolina as her replacement in the chief financial officer role.
Qantas' Chairman, Richard Goyder, spoke positively about Joyce's leadership. The chair said:
Alan has always had the best interests of Qantas front and centre, and today shows that. On behalf of the Board, we sincerely thank him for his leadership through some enormous challenges and for thinking well-ahead on opportunities like ultra long-haul travel.
While the airline operator is going through a turbulent period, Goyder believes Hudson can steer the company through it. He concludes:
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.
