Alan Joyce to step down early as Qantas CEO

The news: Under-fire Qantas CEO Alan Joyce has brought forward his departure and will now step down today.

The numbers: Joyce will leave his job two months earlier than previously announced, following the recent furore over the airline's profits and service. CEO designate Vanessa Hudson will now assume the role of managing director and group CEO on Wednesday, 6 September.

The context: Qantas, which posted a record profit last month, has been under fire after the ACCC accused it of selling tickets for more than 8000 flights it had already cancelled. Joyce has also been criticised over Qantas’ handling of travel credits and for lobbying against Qatar Airways' expansion into Australia.

What they 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," Joyce said in a statement."

“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.”