Qantas share price higher on surprise CEO change

The market has responded positively to some big news out of the Flying Kangaroo.

| More on:
A smiling woman looks at her phone as she walks with her suitcase inside an airport.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Qantas Airways Limited (ASX: QAN) share price is pushing higher on Tuesday.

In morning trade, the airline operator's shares are up 1% to $5.73.

Qantas share price higher on Joyce exit

Investors have been bidding the Qantas share price higher this morning after the airline announced the shock exit of its CEO, Alan Joyce, two months ahead of plans.

Joyce advised that he decided to bring forward his retirement in response to recent events. He highlights that recent events make it clear "that the company needs to move ahead with its renewal as a priority."

Qantas' leader of the past 15 years will exit the role immediately with his replacement Vanessa Hudson taking the helm from tomorrow.

Who is Vanessa Hudson?

Hudson has been with the company even longer than Joyce. She joined Qantas in 1994 and has held a variety of senior commercial, customer, and finance roles across the group in both Australia and overseas.

This includes executive manager of sales and distribution, senior vice president for Qantas across the Americas and New Zealand, executive manager of commercial planning, and executive manager for product and service.

However, her most recent roles were as the chief customer officer in 2018 and then chief financial officer in 2019 through until today.

Back in May when Hudson was appointed as the heir to the Qantas throne, the company's chair, Richard Goyder, commented:

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. She has a huge amount of airline experience and she's an outstanding leader.

Goyder appears to believe this experience will help Hudson navigate Qantas through the current storm. This morning he said:

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.

And judging by the Qantas share price performance today, it seems the market has confidence that Hudson will deliver the goods.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Travel Shares

Two people lazing in deck chairs on a beautiful sandy beach throw their hands up in the air.
Travel Shares

Guess which ASX All Ords travel stock just rocketed 17% on an earnings upgrade

Investors are piling into the ASX All Ords travel stock today. Here's what's happening.

Read more »

Woman on a tablet waiting in for her flight in an airport and looking through a window.
Travel Shares

Virgin Australia vs Qantas shares: Which is the best buy?

Competition in Australia's aviation market is heating up.

Read more »

A female cabin crew member on a place looks like she has a headache.
Travel Shares

Why this expert is calling time on Virgin Australia shares

A leading expert is calling time on Virgin Australia shares. But why?

Read more »

Couple at an airport waiting for their flight.
Travel Shares

Macquarie increases price target for Qantas shares

Qantas shares hit a new all-time high today.

Read more »

Happy woman trying to close suitcase.
Travel Shares

Guess which ASX travel stock Macquarie just named as its top pick with 32% upside?

While Macquarie sees value across the sector, it named a clear favourite. 

Read more »

A man in a dark blue suit walks through an airport past floor-to-ceiling windows with a Qantas plane flying in the distance
Travel Shares

Up 16% this year, does Macquarie rate Corporate Travel Management shares a buy, hold or sell?

Does the travel stock have further to fly?

Read more »

A group of young people lean over the rails overlooking Sydney's Circular Quay and check out the sights of the city around them.
Travel Shares

Can these two battered ASX travel shares bounce back?

Ahead of important tourism data this week, these two travel companies could be buy low candidates. 

Read more »

Man sitting in a plane looking through a window and working on a laptop.
Travel Shares

Did Flight Centre, Air New Zealand, or Qantas shares fly highest in FY25?

How did these ASX travel shares perform last financial year?

Read more »