Joyce has “no plans” to leave Qantas

Joyce has “no plans” to leave Qantas
By Anne Majumdar


Alan Joyce has dismissed speculation his tenure as Qantas chief executive could soon be over, saying he wants to stick around “for some time”.

The airline’s recovery from a record $2.8 billion loss in 2013/14 to a $557 million annual profit 12 months later continued on Tuesday with the announcement of a record first half profit of $668 million.

Mr Joyce attributed the turnaround in large part to the so-called transformation initiative he implemented two years ago, cutting jobs and costs while investing in new aircraft and customer facilities.

Some media outlets have speculated that Mr Joyce might step down after eight years as CEO, but the Irishman says he still has work to do.

“I’ve always said that if I’m enjoying it, I have a lot more to deliver and I still have a passion for the job – and the board and shareholders want me to continue – I’ll continue,” Mr Joyce told reporters.

“I’m going to be here for some time. There’s no plans to leave: there’s a lot more to do and I’m very energetic about it.”

Mr Joyce, who joined Qantas in 2000 and succeeded Geoff Dixon as company chief in 2008, said he was young enough to continue for some time.

“I’m only 50 this year. I think Geoff Dixon retired when he was 72,” Mr Joyce said.

“If I last that long, I’ll have another 22 years as CEO, although I don’t think I’ll last that long.”

Qantas shareholders may be happy with the news.

The airline again decided against paying a dividend, but instead announced a $500 million share buyback that will take the amount of cash returned to shareholders past $1 billion in less than a year.

 

Email the Travel Weekly team at traveldesk@travelweekly.com.au

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