Qantas shares on watch following shock Alan Joyce exit

The Qantas CEO's takeoff is imminent!

| More on:
A man in a dark blue suit walks through an airport past floor-to-ceiling windows with a Qantas plane flying in the distance

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) shares will be on watch this morning.

That's because the under-fire airline operator has just released a major announcement.

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.

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 Share Market News

A beautiful woman with brown hair and wearing bright red lipstick looks shocked as she holds her hand to her cheek in response to the crumbling Adore Beauty share price today
Broker Notes

3 ASX consumer sector shares to avoid in July: expert

If you're looking to buy ASX consumer shares in July, read on.

Read more »

A little girl with red hair runs excitedly with a rocket strapped to her back, trying to launch.
Broker Notes

106% upside? Expert says this ASX All Ords small cap mining stock could explode

Big upside potential.

Read more »

ETF spelt out
Share Market News

New ASX ETF set to launch from Global X

The ETF provider announced a new ETF 

Read more »

A man in a business suit scratches his head looking at a graph that started high then dips, then starts to go up again like a rollercoaster.
Broker Notes

Buy the dip on these 2 ASX 200 shares: experts

Experts say these 2 ASX 200 shares are a buying opportunity today.

Read more »

A man looking at his laptop and thinking.
Share Market News

5 things to watch on the ASX 200 on Friday

Will the market end the week on a high? Let's find out.

Read more »

Happy miner giving ok sign in front of a mine.
Opinions

Which ASX 200 stock offers 'material upside' amid continuing uncertainty over US tariffs?

Blackwattle Investment has identified one ASX 200 large-cap stock that is thriving on the uncertainty.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Bapcor, Boss Energy, Macquarie, and Novonix shares are falling today

These shares are having a tough session on Thursday. But why?

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Financial Shares

2 rising ASX financial shares with 'meaningful upside' still left: fundie

Financials outperformed every other sector in FY25, but there are still buying opportunities left, say these experts.

Read more »