Qantas boss Alan Joyce walks out on the airline months before he was due to retire

Qantas chief executive Alan Joyce has spectacularly quit the airline after walking out on his job months before he was due to retire with a $24million golden handshake.

Joyce was due to exit the company in November at the firm’s AGM but has been under growing pressure in recent days which has thrown the airline into crisis mode.

Qantas has come under increased scrutiny since it posted a $2.5billion profit last Thursday after it received $2.7billion in Government Covid handouts.

The airline is also facing multiple legal actions over tickets sold for already cancelled flights and passengers unable to get their money back for trips axed during Covid.

And Mr Joyce’s role in the government’s decision to ban Qatar Airways from adding 28 more Australian flights to its schedule has also been questioned.

Rivals claim the move has inflated Australian air fares by around 40 per cent for travellers.

Now Mr Joyce has decided to quit immediately rather than ride out the firestorm until his planned leaving date in November.

He has immediately handed over the reins to incoming CEO Vanessa Hudson who will start in the job on Wednesday. 

‘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,’ he said.

‘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.

‘There is a lot I am proud of over my 22 years at Qantas, including the past 15 years as CEO. 

‘There have been many ups and downs, and there is clearly much work still to be done, especially to make sure we always deliver for our customers. 

‘But I leave knowing that the company is fundamentally strong and has a bright future.’

Qantas has come under increased scrutiny since it posted a $2.5billion profit last Thursday after it received $2.7billion in Government Covid handouts

Qantas Chairman Richard Goyder said: ‘Alan has always had the best interests of Qantas front and centre, and today shows that. On behalf of the Board, we sincerely thank him for his leadership through some enormous challenges and for thinking well-ahead on opportunities like ultra long-haul travel.

‘This transition comes at what is obviously a challenging time for Qantas and its people. We have an important job to do in restoring the public’s confidence in the kind of company we are, and that’s what the Board is focused on, and what the management under Vanessa’s leadership will do,’ added Mr Goyder.

As planned, shareholders will formally vote on the appointment of Vanessa Hudson as Managing Director at Qantas’ Annual General Meeting in November.

Today’s announcement means one of the announced in June this year will also be accelerated, namely the appointment of Rob Marcolina as the Group’s Chief Financial Officer in-line with current CFO, Vanessa Hudson’s, transition to the Group CEO role.