Well, one of the big pieces of news on the ASX boards today relates to Qantas Airways Ltd (ASX: QAN) shares. The ASX 200 travel share and flag-carrying airliner announced a big development this morning regarding the CEO position.
Qantas has been helmed by the opinion-dividing Alan Joyce since 2008. But earlier this year, Joyce announced that he would be stepping down from Qantas after 15 years at the top.
Speculation had been mounting on who would succeed Joyce ever since this news broke. Well, today, we have the answer. This morning, Qantas announced to the ASX that the airline's present chief financial officer, Vanessa Hudson, has been tapped to replace Joyce.
But now that we have a new face to put to the Qantas name, what might this appointment mean for the Qantas share price going forward?
Can a new CEO take Qantas shares higher?
Unfortunately for Hudson, the markets don't seem to be taking too kindly to the news of her appointment. At present, the Qantas share price has slumped a nasty 2.37%, down to $6.58 a share:
That's a significant underperformance of the broader ASX 200, which is currently nursing a far smaller loss of 0.1%.
However, this probably doesn't mean too much. So let's check out the views of an expert.
According to reporting in the Australian Financial Review (AFR) this morning, RBC Capital Markets has called Hudson's appointment "the logical choice" in replacing Joyce.
In a broker's note, analyst Owen Birrel had this to say:
Vanessa Hudson was the logical choice, in our view. She has been involved in developing group strategy for the last five years and also led the fleet selection process in 2022 for the renewal of the domestic jet aircraft fleet…
Given the significant fleet renewal program that Qantas is undertaking through Projects Winton and Sunrise, we believe Vanessa is the most suitable and appropriate candidate to execute on the strategy that she has been heavily involved in developing.
Importantly, Vanessa has been market-facing as CFO since October 2019, which will have prepared her well for the very public role as Qantas CEO.
This echoes the comments of Qantas chair Richard Goyder, who, although obviously biased, stated this morning that "Vanessa has a deep understanding of this business after almost three decades in a range of roles both onshore and offshore, across commercial, customer and finance".
Let's now see how Qantas shares go when Hudson takes to the cockpit later this year.
