Shocking turn of events: Qantas boss Alan Joyce quits unexpectedly before retirement
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Unexpectedly walking away before a grand farewell — that's how Alan Joyce, the long-standing Chief Executive of Qantas, has decided to end his tenure at the helm of Australia's largest airline.
The big news at Qantas this week is that Alan Joyce has abruptly resigned from his job, sending shockwaves throughout the Australian airline industry and leaving the fleet's passengers and employees surprised.
Joyce's tenure was marked by many ups and downs, but this surprising early exit has everyone in a flap. And here's why.
The Qantas CEO has been walking a tightrope of public criticism following a series of questionable decisions and controversies, and these seem to have culminated in an unexpected climax.
Qantas found itself in hot water after it posted a $2.5 billion profit last week, which raised quite a few eyebrows considering the airline received a handsome $2.7 billion in government COVID handouts.
Additionally, Joyce's role in the government's decision to block Qatar Airways from adding more Australian flights to its schedule was also under the microscope. Competitors challenged this move, alleging it had pumped up Australian air travel fares by an estimated 40 per cent, which, as you can imagine, is quite a hit to the average Aussie traveller’s wallet.
In a twist of turbulence, Qantas now faces legal action from the Australian Competition and Consumer Commission (ACCC) over selling tickets for already-cancelled flights and disallowing refunds for customers whose trips were ruined due to COVID-19.
Joyce's unexpected exit, rather than walking the fiery path till his planned exit in November, has now shifted the pilot seat to the incoming CEO, Vanessa Hudson, starting her tenure this Wednesday, September 10.
Moving the retirement timeline to now, Joyce has stated, '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.’
'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.'
Undoubtedly, Joyce’s decision adds another layer to the existing turbulence. Speculation feeds into speculation when a key figure at such a significant corporation makes such a dramatic exit.
Joyce used to be the highest-paid CEO in Australia, raking in $23.9 million in 2018. His golden handshake was set to be a cushy $24 million, a sum that would have softened the transition into retirement.
He recently sold more than 80 per cent of his stake in Qantas, offloading 2.5 million shares for a sum of $17 million. Considering the recent fall in Qantas shares, this move saved Joyce from potential losses.
As the dust settles over Joyce's sudden departure, his successor, Vanessa Hudson, is now the ‘captain at the helm’. Acting in her capacity as the incoming CEO, Hudson will have to address the pressing issues at Qantas and quickly gain the confidence of both the public and shareholders.
So, members, stay tuned for more updates on this surprise shake-up at Qantas. We might not dwell on corporate comings and goings much, but when it affects Australians and their money, it certainly gets our engines going! We’re keenly watching Vanessa Hudson’s journey. Let’s hope she brings some calm and resolves the current turbulence at Qantas!
Let us know what you think of this story, members? We would love to get your thoughts in the comment section below.
The big news at Qantas this week is that Alan Joyce has abruptly resigned from his job, sending shockwaves throughout the Australian airline industry and leaving the fleet's passengers and employees surprised.
What is happening at Qantas? Image source: Shutterstock.
Joyce's tenure was marked by many ups and downs, but this surprising early exit has everyone in a flap. And here's why.
The Qantas CEO has been walking a tightrope of public criticism following a series of questionable decisions and controversies, and these seem to have culminated in an unexpected climax.
Qantas found itself in hot water after it posted a $2.5 billion profit last week, which raised quite a few eyebrows considering the airline received a handsome $2.7 billion in government COVID handouts.
Additionally, Joyce's role in the government's decision to block Qatar Airways from adding more Australian flights to its schedule was also under the microscope. Competitors challenged this move, alleging it had pumped up Australian air travel fares by an estimated 40 per cent, which, as you can imagine, is quite a hit to the average Aussie traveller’s wallet.
In a twist of turbulence, Qantas now faces legal action from the Australian Competition and Consumer Commission (ACCC) over selling tickets for already-cancelled flights and disallowing refunds for customers whose trips were ruined due to COVID-19.
Joyce's unexpected exit, rather than walking the fiery path till his planned exit in November, has now shifted the pilot seat to the incoming CEO, Vanessa Hudson, starting her tenure this Wednesday, September 10.
Moving the retirement timeline to now, Joyce has stated, '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.’
'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.'
Undoubtedly, Joyce’s decision adds another layer to the existing turbulence. Speculation feeds into speculation when a key figure at such a significant corporation makes such a dramatic exit.
Joyce used to be the highest-paid CEO in Australia, raking in $23.9 million in 2018. His golden handshake was set to be a cushy $24 million, a sum that would have softened the transition into retirement.
He recently sold more than 80 per cent of his stake in Qantas, offloading 2.5 million shares for a sum of $17 million. Considering the recent fall in Qantas shares, this move saved Joyce from potential losses.
As the dust settles over Joyce's sudden departure, his successor, Vanessa Hudson, is now the ‘captain at the helm’. Acting in her capacity as the incoming CEO, Hudson will have to address the pressing issues at Qantas and quickly gain the confidence of both the public and shareholders.
So, members, stay tuned for more updates on this surprise shake-up at Qantas. We might not dwell on corporate comings and goings much, but when it affects Australians and their money, it certainly gets our engines going! We’re keenly watching Vanessa Hudson’s journey. Let’s hope she brings some calm and resolves the current turbulence at Qantas!
Let us know what you think of this story, members? We would love to get your thoughts in the comment section below.
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What a awful human being. And I believe a taxi
picked him up to whisk him away from the airport yesterday after he resigned quickly when his cover was blow. and it took him home to his multi million dollar mansion and then the taxi stopped outside the home with a big jerk and then the jerk hopped out and it was Alan Joyce.!
Very well said.
I totally agree. Case adjourned for now. !!
