Virgin Australia boss Jayne Hrdlicka to step down

Virgin Australia boss Jayne Hrdlicka to step down

Virgin chairman Ryan Cotton mentioned Hrdlicka led the enterprise by its most turbulent time in its 20-year historical past.

“While this will feel too early for many of you, it is very understandable given how tough it has been, getting us back in shape through a difficult time in the industry and the forward commitment through IPO [initial public offering] and beyond is significant,” Cotton mentioned in an electronic mail to Virgin workers on Tuesday.

Analysts and trade buyers have already began floating potential native contenders to take the reins. One title being mentioned by analysts is former Qantas loyalty boss Olivia Wirth, who just lately introduced her departure from Qantas after lacking out on the highest place to Vanessa Hudson following the departure of Alan Joyce in September.

Former Qantas loyalty boss Olivia Wirth  missed out on the top job at the national carrier.
Former Qantas loyalty boss Olivia Wirth missed out on the highest job on the nationwide service.Credit: Bloomberg

Qantas’ frequent flyer program delivered file earnings earlier than curiosity, tax, depreciation and amortisation final yr and $1 billion in free money flows.

Qantas’ former chief monetary officer, Tino La Spina, who till just lately helmed Boral’s finance and technique divisions, has additionally been urged. La Spina labored at Qantas for 14 years earlier than transferring to Boral till June 2022. He is at the moment working as a monetary adviser to the board of GenesisCare.

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Virgin issued its administration workforce shut to 2 million shares at $2.10 every in February final yr. This was greater than twice the worth of the fairness given to the airline’s management after the service enterprise returned to revenue for the primary time in 11 years in 2023.

Industry analysts who weren’t authorised to communicate publicly mentioned Bain was in a really totally different place to when it first plucked the once-struggling service out of administration in 2020.

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Bain cancelled its non-deal roadshow investor conferences in April final yr and has not rescheduled them since. The enterprise’s former chief improvement officer, David Marr, who was charged with main the group’s plans to float, give up in October. The group’s head of investor relations, Chris Vagg, has additionally resigned.

These retirements imply the three executives who had been initially scheduled to pitch the potential float to buyers have since left the enterprise. The airline can also be combating its on-time efficiency and ongoing points with its producer, Boeing.

“Is a global private equity firm positioned to be a long-term owner of a domestic airline? They may have recapitalised and made back their original investment, but it’s not Bain’s typical portfolio asset and the operating conditions are getting more challenging as time goes on,” one analyst mentioned.

Tennis Australia on Tuesday evening confirmed that Hrdlicka would stay as chair of the organisation.

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