Join our daily newsletter At The Bell to receive exclusive market insights
- Qantas (QAN) CEO Alan Joyce has abruptly resigned, departing two months earlier than his scheduled retirement
- The company is embroiled in three significant controversies
- These include price manipulation allegations, allegations of dishonestly retaining government bailout funds, and accusations of collusion with Canberra to stifle competitors
- Alan Joyce has now quit early, handing the baton over to Vanessa Hudson
- Shares closed 2.92 per cent lower, trading at $5.65 on Monday
Qantas (QAN) CEO Alan Joyce has made a shock announcement he will quit two months earlier than expected as the company faces multiple controversies.
These controversies include allegations that Qantas unjustly raised prices for Australian domestic tourists, claims of the company improperly retaining billions in government funds during the COVID pandemic, and most recently, accusations of collusion with Canberra to artificially limit supply in the Australian aviation market.
Just yesterday, Qantas’ media team was on a damage control mission, conceding that the company was facing flak from many sides.
Now, the organisation’s most controversial leader has departed.
“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,” Outgoing CEO Alan Joyce said.
“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.”
Vanessa Hudson, CEO Designate, will now take on the Managing Director and Group CEO role, starting tomorrow.
Joyce’s announcement, it’s worth noting, came after the morning papers had already been printed.
QAN shares closed 2.92 per cent lower, trading at $5.65 on Monday.
