Air New Zealand CEO Greg Foran resigns
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The news: Air New Zealand has announced its CEO Greg Foran will step down in October this year. The dual-listed airline will start a global search for his replacement immediately.
The numbers: Two weeks ago, the carrier posted a double-digit percentage fall in first-half profit amid operational and economic headwinds. It also announced a NZD100 million ($90.4 million) share buyback.
Air New Zealand shares on the ASX were 2.7% lower at 12.37pm following today's announcement.
The context: Foran has led the carrier for five years after taking over the role from current New Zealand Prime Minister Christopher Luxon. Foran was previously CEO of Walmart US from 2014 to 2019.
In a statement to the ASX, chair Dame Therese Walsh said Foran had guided Air New Zealand through a range of challenges including "global aviation's most significant crisis", the Covid-19 pandemic, as well as more recent engine issues with its Boeing and Airbus fleets.
"While these challenges impact our operations almost daily, Greg's relentless focus, and global profile, have been instrumental in mitigating the consequential disruptions on our customers," she said.
The source: ASX announcement
