Aviation

Virgin Australia CEO, John Borghetti to step down

Virgin Australia’s CEO and managing director, John Borghetti has decided to step down.

According to a release on the ASX, Borghetti advised the board not to renew his contract post 1 January 2020, allowing the airline enough time to find a new CEO and smoothen the transition.

Borghetti, who has worked in aviation for 40 years including for Virgin’s rival Qantas, will have been with the company for a decade by the time of his departure.

“The board and I are grateful to John for providing a generous period of time for the search for the CEO and an appropriate transition of leadership,” Chairman of the Virgin Australia Group, Elizabeth Bryan said.

“The board will now commence a global search for a successor while John will remain focused on leading the group.”

“I would like to acknowledge John’s enormous contribution to the Virgin Australia Group to date and thank him for his continued dedication.”

Borghetti said it is a privilege to serve as CEO of the Virgin Australia Group and to lead a wonderful team of 10,000 people.

“By notifying the board of my intentions now, it provides them with appropriate time to conduct a thorough recruitment process and for me to support the transition,” Borghetti said.

“In the interim, I look forward to continuing in the role of CEO and I remain focused on delivering the goals of the Virgin Australia Group.”

Business Insider Australia reports the company’s underlying profit before tax 142 per cent in its latest half-year results, which was its highest in 10 years.

“This demonstrates the success of our long-term strategy to reposition the business and strengthen its financial foundation; however there is more work ahead to ensure we continue to deliver,” Borghetti said at the time.

“Based on the Group’s recent positive performance trajectory, current market conditions and fuel headwinds net of foreign exchange for the second half, we expect the Group’s underlying performance for the second half of the 2018 financial year to improve compared to the Group’s underlying performance for the second half of the 2017 financial year.”

Borghetti has not yet given a reason for his departure, but last year alone he was paid $5,567,821 according to Business Insider, and to be honest if someone gave us that much money we’d probably quit our jobs and go on a permanent holiday.

So we assume that’s his plan too.

200 (1)

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

You must be logged in to post a comment.

Tourism

86 tigers die three years after rescue from notorious Thai tourist attraction

by Christian Fleetwood

Over half of the 147 tigers rescued from a well-known Thai tourist attraction have died, allegedly as a result of inbreeding.

Share

CommentComments

Aviation

Air New Zealand backs down on ‘Kia Ora’ trademark attempt following uproar

by Ali Coulton

The airline has turned its gaff into a campaign to call for a government crackdown on trademarking Māori language… which it tried to do last week.

Share

CommentComments

Destinations

REVEALED: The ‘chicest’ countries in the world

We admit we’re a bit confused as to what ‘chicness’ actually is, but all of the destinations on the list look very pretty.

Share

CommentComments

Cruise

Cruise Wrap: Destination NSW joins CLIA, Hurtigruten launches hybrid ship, Aussie cruise season kicks off + MORE!

Tired of your colleagues outsmarting you when it comes to the latest cruise brochures and deals? Get the upper hand right here.

Share

CommentComments

Tourism

Tourist boat crash sends passenger through floor, onto lap of another in toilet

If being involved in a boat crash on the Brisbane River wasn’t enough, one passenger had the misfortune of landing on someone who was using the loo at the time.

Share

CommentComments

Aviation

Qantas, Virgin bosses accuse airports of financially squeezing consumers, airlines dry

by Christian Fleetwood

The spat between airlines and airports over whose to blame for the high-price of domestic tickets continues. Pull up a seat and read what Qantas and Virgin have to say about it.

Share

CommentComments

Tourism

Missing woman finds herself in Iceland after joining her own search party

A missing person story from 2012 is having a moment on Twitter and, as you can imagine, the responses are mixed.

Share

CommentComments

Travel Agents

Five reasons why you should apply for the Avis Travel Agent Scholarship

This list of reasons why has got Travel Weekly’s editor keen on applying for Avis’ scholarship, and he’s not even a travel agent.

Share

CommentComments

Midweek Interview

Midweek interview with TMS Talent’s Ed Hewitt

This week, TMS Talent’s NSW state manager told us his grand plan for fixing Brexit. Unfortunately, we forgot to turn on our voice recorder.

Share

CommentComments

Hotels

Hotel review: Hoshinoya Tokyo

by Harriet Morris

Hoshinoya Tokyo is an ode to ancient Japan located in the heart of its most modern city. Here’s our verdict.

Share

CommentComments

Hotels

All the winners from the 2019 AHA National Awards for Excellence

Australia’s very best of the hospitality sector have been crowned. Find out who can now claim bragging rights here.

Share

CommentComments

Aviation

Qantas boss tops list of Australia’s highest-paid CEOs

by Christian Fleetwood

Do you hate reading about industry CEOs with huge pay packets? Well, it might be best to skip this story.

Share

CommentComments