Qantas shares rise after Goyder resignation
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More news: Investors have welcomed Richard Goyder's decision to step down as Qantas chairman next year, with shares in the airline lifting 2.35% to $5.015 by 2pm AEDT. Qantas shares have been in a steep downtrend since 25 July, shedding roughly a quarter of their value in less than three months.
Qantas chair Richard Goyder to step down next year
The news: Qantas has announced Richard Goyder will step down as chairman ahead of next year’s annual general meeting as the under-fire airline plans for board renewal in recognition of the reputational hit it has suffered in recent months.
The numbers: Goyder will retire prior to the AGM in late 2024. Two other directors, Jacqueline Hey and Maxine Brenner, will retire at the half-year results in February 2024 after 10 years of service. Qantas previously announced in May that non-executive director Michael L'Estrange will retire at this year’s AGM on 3 November. Once new directors are in place, the board is expected to have an average tenure of around three years at the 2024 AGM, providing a balance of fresh leadership with necessary continuity, Qantas said.
The context: The decision comes after months of criticism for Australia’s biggest airline, with long-time CEO Alan Joyce also forced to step down early amid criticism of its poor customer service and alleged involvement in blocking rival Qatar Airways' expansion into Australia. Qantas also faces fines of up to $250 million after competition regulator ACCC accused it of selling tickets for more than 8000 flights it had already cancelled, while the High Court found the airline’s decision to outsource 1,683 ground staff jobs during the COVID-19 pandemic was illegal.
The source: ASX announcement
