Qantas has also appointed Nora Scheinkestel – already a director at Westpac,Brambles and Origin Energy – to the board to lead its remuneration committee. Mullen and Scheinkestel would replace outgoing board members Jaqueline Hey and Maxine Brenner,who are due to retire from their roles on Thursday.
“John brings a wealth of experience as a director and chairman of similarly large and complex companies to Qantas,as well as great depth from his long executive career in the transport sector both here and overseas,” Goyder said.
Loading
“Nora is one of the most seasoned company directors in the country,with more than 25 years’ experience on numerous boards across leading utilities,finance and logistics firms,as well as her deep knowledge of regulatory matters,” he continued.
Australian International Pilots Association boss Tony Lucas called for Goyder to resign last year. He said on Wednesday Mullen had a “large challenge” ahead but hoped he would work with new chief Vanessa Hudson to “bring about the cultural change she promised”.
Hudson will deliver the group’s interim results on Thursday,her first set of financial results since taking over from Alan Joyce after he quit ahead of schedule in September.
ASX-listed carrier Air New Zealand issued a profit downgrade on Monday,which unnerved investors who fear the bumper profit period for airline stocks post-COVID-19 may be coming to a close.
Air New Zealand will also release its half-yearly results on Thursday but warned it now expects its earnings for the first six months to December 31 to be at the lower end of its $180 million to $230 million forecast as corporate and government demand for flights remains soft. It is also struggling with a short-term cost blowout due to aircraft leasing following Airbus’ Pratt&Whitney engine issues.
Corporate Travel Management – another ASX-listed tourism stock – also downgraded its full-year earnings expectations by $40 million on Wednesday and blamed the weaker trading market after unveiling worse-than-anticipated half-year results.
The travel booking business recorded $362 million in revenue over the six months to December and earnings before interest,tax,depreciation and amortisation of $101 million,which was below what analysts expected.
Corporate Travel Management’s share price plummeted by almost 20 per cent on Wednesday mid-morning trade to $16.09
Qantas has not issued a trading update since September,which means its results are expected to be in line with its prior forecast of about $920 million.
The Business Briefing newsletter delivers major stories,exclusive coverage and expert opinion. Sign up to get it every weekday morning.