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☆ Goldman Sachs is about to kick off a cascade of managing director promotions across Wall Street. Here's why the battle for power could be fiercer than ever.
▼ + stars: | 2023-11-01 | by ( Emmalyse Brownstein | Reed Alexander | ) www.businessinsider.com time to read: +9 min

There are plenty of terms to describe Wall Street power brokers — but none of them matters quite so much right now as the simple phrase "managing director." Wealth management, which has been an area for growth across Wall Street, may prove an exception. "Two years ago, everybody was in the war for talent," said Alan Johnson, a Wall Street compensation expert at Johnson & Associates. Getting a promotion to managing director is tremendously important for the people who are vying for the role. "Once you become an MD, you're going to be making a lot more money.

Persons: Goldman Sachs, Morgan Stanley, Banks, Alan Johnson, Wall, Jeanne Branthover, Johnson, Goldman, it's, Lloyd Blankfein, Justin Tuck, Branthover, might've, You'd, you'll Organizations: Wall, Citigroup, Jefferies, Bank of America, JPMorgan, Johnson & Associates, DHR International, NY Giants Locations: Wall

☆ The CEO of Unilever won't get a pay increase for 2 years after a backlash from shareholders
▼ + stars: | 2023-10-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Unilever CEO Hein Schumacher will have his pay frozen until 2026.will have his pay frozen until 2026. AdvertisementAdvertisementThe CEO of Unilever won't be able to get a pay rise until 2026 amid shareholder frustration, Bloomberg reported. The board's proposed pay package was rejected by shareholders at Unilever's annual general meeting in May, per Bloomberg. That's a nearly 20% increase on the fixed pay of the previous CEO, Alan Jope, from whom Schumacher took over in July. It means Schumacher won't be eligible for a pay increase in 2024 or 2025, and his fixed pay level will be reviewed by a compensation committee in 2026.

Persons: Hein Schumacher, Schumacher, —, That's, Alan Jope, Jope, Nelson Peltz, Terry Smith Organizations: Unilever, Service, Bloomberg, Reuters, Telegraph

☆ Unilever to freeze new CEO's fixed pay for two years
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Shareholders rejected resolution to adopt directors' pay in MayCEO's fixed pay level to be reviewed in 2026Oct 30 (Reuters) - Consumer goods company Unilever (ULVR.L) said on Monday its board had decided to freeze CEO Hein Schumacher's fixed pay for the next two years, after his initial pay package was rejected by shareholders in May. The pay deal for Unilever’s directors, including Schumacher, was rejected at its annual general meeting with a near 60% majority. Schumacher, who took up the role in July, will not be eligible for a fixed pay increase in 2024 and 2025. The compensation committee will review his fixed pay level in 2026.

Persons: Brendan McDermid, Hein Schumacher's, Schumacher, Nelson Peltz, Alan Jope’s, Anchal Rana, Devika Syamnath, Arun Koyyur Organizations: Unilever, New York Stock Exchange, REUTERS, Consumer, Thomson Locations: New York, U.S, Bengaluru

☆ New-look Unilever retains its old-style opacity
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Unilever logo is displayed on Dove soap boxes in this illustration taken on January 17, 2022. Back in 2017 Unilever fought off a Kraft Heinz (KHC.O) takeover approach by pledging a 20% operating margin; now there just isn’t a target. But it leaves a question mark over Unilever’s long-term direction. And it might leave long-term critics like fund manager Terry Smith still griping about opacity. In January Smith complained that Unilever had revealed the price tag on only three of 27 acquisitions in its Beauty and Wellbeing division over eight years.

Persons: Dado Ruvic, Hein Schumacher’s, Kraft Heinz, Alan Jope, Terry Smith, Smith, Schumacher, George Hay, Peter Thal Larsen, Oliver Taslic Organizations: Unilever, REUTERS, Reuters, Kraft, X, Thomson

☆ Unilever's new CEO lays out plans to simplify business, shares fall
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

Klondike, a brand of Unilever, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Oct 26 (Reuters) - Unilever's (ULVR.L) new chief executive Hein Schumacher on Thursday laid out long-awaited plans to simplify the business after admitting it had underperformed in recent years, but shares fell as some investors were unimpressed. Unilever reported a 5.2% rise in underlying sales, meeting analysts' average forecast, a company-provided consensus showed. Underlying price growth for the third quarter was 5.8% while underlying volumes were down 0.6%. The company also announced a senior executive shake-up, naming Fernando Fernandez, currently president of the beauty and wellbeing business, as its new chief financial officer.

Persons: Andrew Kelly, Hein Schumacher, Schumacher, Richard Saldanha, Alan Jope, Nelson Peltz, we've, Graeme Pitkethly, Fernando Fernandez, Richa Naidu, Mark Potter, Jason Neely Organizations: Unilever, REUTERS, Aviva, Thomson Locations: Manhattan , New York City, U.S, Europe

☆ Unilever is selling Dollar Shave Club, the quirky direct-to-consumer pioneer that never really fit in with the massive company
▼ + stars: | 2023-10-26 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Unilever is selling Dollar Shave Club seven years after paying $1 billion for the brand. Unilever struggled to grow Dollar Shave Club, sources previously told. "Dollar Shave Club did not deliver as expected, and the economics of the DTC model changed," then-CEO Jope said during an earnings call in 2022. "Dollar Shave Club will also serve as a platform for additional brands with a similar DNA." Do you have a story idea about Dollar Shave Club or Unilever to share?

Persons: —, Fabian Garcia, Michael Dubin, Mark Levine, Schick, Dubin, Graeme Pitkethly, You've, Alan Jope, hadn't, Jope, Michael Cohen Organizations: Unilever, Nexus Capital Management, NEW, Service, Care, Gillette, Schmidt's Naturals, Procter & Gamble, Club Locations: cologne

☆ Unilever is selling Dollar Shave Club after 7 long, awkward years of trying to make it work
▼ + stars: | 2023-10-26 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

☆ How to choose the right 5G infrastructure provider for your business
▼ + stars: | 2023-10-24 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +4 min

But finding the right infrastructure provider to support your organization can be tricky. But how can you separate the wheat from the chaff and pick the right infrastructure provider for you? "First and foremost, when selecting your 5G infrastructure provider, evaluate the longevity and reliability of their solutions," Vance Tran, a cofounder of the tech-advisory website Pointer Clicker, said. "For enterprise-centric private 5G deployments, it is essential to choose a provider that has considered the nuances of the enterprise world," Parm Sandhu, the vice president of enterprise 5G products and services at NTT Ltd, said. "That means the private 5G must be an extension of the existing LAN."

Persons: —, Fabio Giust, Giust, Vance Tran, Pointer Clicker, Parm Sandhu, Sandhu, downscaling, Alan Jones, you've Organizations: Service, 3GPP, NIST Secure Software, NIST, NTT Ltd Locations: Ireland

☆ Australian Shareholders' Association to vote against Qantas CEO's nomination as director
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Phil Noble///File Photo Acquire Licensing RightsOct 19 (Reuters) - The Australian Shareholders' Association will vote against the nomination of Qantas (QAN.AX) Chief Executive Officer Vanessa Hudson as a director in the company, it said on Thursday. Hudson, who used to be the chief financial officer at the national carrier, was appointed as its first-ever female CEO in May this year, taking over from Alan Joyce. read moreThe carrier is dealing with multiple legal and regulatory actions, which led to the resignation of Joyce and chairman Richard Goyder. The association intends to vote for the nomination of Doug Parker, the former CEO of American Airlines (AAL.O), as a director. Shares of the national carrier are down around 21% on a year-to-date basis.

Persons: Phil Noble, Vanessa Hudson, Hudson, Alan Joyce, Joyce, Richard Goyder, Doug Parker, Archishma Iyer, Mrigank Organizations: Qantas, Melbourne International Airport, REUTERS, Australian Shareholders, Association, American Airlines, Thomson Locations: Melbourne, Australia, Bengaluru

☆ Australia antitrust watchdog to oversee domestic air travel sector
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

A Qantas plane takes off from Kingsford Smith International Airport, following the coronavirus outbreak, in Sydney, Australia, March 18, 2020. REUTERS/Loren Elliott Acquire Licensing RightsCompanies Qantas Airways Ltd FollowSYDNEY, Oct 18 (Reuters) - Australia will ask its competition watchdog to monitor domestic passenger flights in a bid to boost competition in a sector dominated by national carrier Qantas, which is under scrutiny for alleged anti-competitive behaviour. The Australian Competition and Consumer Commission (ACCC) will monitor prices, costs and profits in the domestic air passenger sector, according to a joint statement from Treasurer Jim Chalmers and Transport Minister Catherine King on Wednesday. "A competitive airline industry helps to put downward pressure on prices and deliver more choice for Australians facing cost-of-living pressures," the statement said. "ACCC market scrutiny will help ensure airlines compete on their merits, bring to light any inappropriate market conduct should it occur, and provide continued transparency at a time when new and expanding airlines are still trying to establish themselves."

Persons: Loren Elliott, Jim Chalmers, Catherine King, Alan Joyce, Lewis Jackson, Muralikumar Organizations: Qantas, Kingsford Smith International, REUTERS, Rights Companies Qantas Airways Ltd, SYDNEY, Australian Competition, Consumer Commission, Transport, Qatar Airways, Thomson Locations: Sydney, Australia

☆ Qantas overhaul gets stuck on tarmac
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Qantas Airways QF100 flight, which marks the airline's 100th birthday, departs from Sydney Airport to fly over Sydney Harbour in Australia, November 16, 2020. Gregg Porteous/Destination NSW/Handout via REUTERS Acquire Licensing RightsMELBOURNE, Oct 11 (Reuters Breakingviews) - Qantas Airways (QAN.AX) customers are already used to interminable waits due to postponed or cancelled flights and lost luggage. Now the $5.4 billion airline has shunted its much-needed governance overhaul into an unnecessary holding pattern. On Wednesday Qantas said Richard Goyder is stepping down after five years as chair along with two other directors who have been on the board for a decade. And Goyder intends to remain in the cockpit until just before the company’s annual meeting in over a year’s time.

Persons: Gregg Porteous, –, Richard Goyder, Alan Joyce, Jaqueline Hey, Maxine Brenner, Goyder, Antony Currie, Una Galani, Thomas Shum Organizations: Qantas Airways QF100, Sydney Airport, Sydney Harbour, Handout, REUTERS Acquire, Rights, Reuters, Qantas Airways, Wednesday Qantas, Qantas, X, Alstom, Thomson Locations: Australia, Brussels

☆ Qantas Chairman Richard Goyder to exit late next year
▼ + stars: | 2023-10-10 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble///File Photo Acquire Licensing RightsSummaryCompanies Goyder to retire in late 2024 prior to AGMQantas' recovery after pandemic has not been easy - GoyderOct 11 (Reuters) - The chairman of Australia's Qantas Airways (QAN.AX), Richard Goyder, will leave the flag carrier in late 2024, the company said, as the embattled airline looks to rebuild its tarnished reputation. Goyder had indicated support from the company's biggest shareholders in his appearance in front of the committee. "As a board, we acknowledge the significant reputational and customer service issues facing the group and recognise that accountability is required to restore trust," Goyder said. Qantas said it has initiated the process to pick a new chairman.

Persons: Phil Noble, Richard Goyder, Goyder, Alan Joyce, Josh Gilbert, Josh, Rishav Chatterjee, Maju Samuel Organizations: Qantas, Melbourne International Airport, REUTERS, Qantas Airways, company's, High, Australia, eToro AUS, Thomson Locations: Melbourne, Australia, Bengaluru

☆ Pilots at Australia's Qantas demand chair quit over scandals
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +3 min

Qantas Airways QF100 flight, which marks the airline's 100th birthday, departs from Sydney Airport to fly over Sydney Harbour in Australia, November 16, 2020. "We have totally lost confidence in Goyder and his board," AIPA President Captain Tony Lucas said in a statement. "Qantas desperately needs a culture reset but how can this happen with Richard Goyder as chairman?" Qantas declined to comment, referring Reuters to previous public comments from Goyder where he refused to quit. Goyder, who has been the airline's chairman since 2018, is not up for reelection at its annual meeting in November.

Persons: Gregg Porteous, Vanessa Hudson, Richard Goyder, Captain Tony Lucas, Goyder, Alan Joyce, Albanese, Byron Kaye, Jamie Freed Organizations: Qantas Airways QF100, Sydney Airport, Sydney Harbour, Handout, REUTERS, Rights, Australia's Qantas Airways, Australian, International Pilots Association, Qantas, Reuters, Qatar Airways, Thomson Locations: Australia, Goyder

☆ CEO admits her airline 'let you down in many ways' and asks customers for patience to 'earn your trust back'
▼ + stars: | 2023-09-24 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

New Qantas CEO Vanessa Hudson apologized for the series of scandals involving the Australian airline. Hudson said regaining trust would "take time and I ask for your patience." "We have let you down in many ways and for that I am sorry," Vanessa Hudson said in a video posted to the company's social media accounts. "We understand we need to earn your trust back, not with what we say but what we do and how we behave. AdvertisementAdvertisementA message to customers from Qantas CEO, Vanessa Hudson.

Persons: Vanessa Hudson, Hudson, Alan Joyce, pSjMjXnybY, Joyce Organizations: Qantas, Service, Competition, Consumer Commission, Transport Workers, Union, Guardian Locations: Wall, Silicon

☆ Qantas chairman refuses to quit amid investor pressure - ABC News
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. But any suggestion that we took fees for no service is just wrong," Goyder said. The ABC report did not mention the names of investors and consumers who have called for Goyder's resignation. Goyder was appointed to the board in November 2017 and named chairman in October 2018. Goyder said Qantas has accepted the ruling and new CEO Vanessa Hudson will work towards settling the case, according to ABC News.

Persons: Phil Noble, Alan Joyce, Richard Goyder, Goyder, Vanessa Hudson, Roushni Nair, Sonia Cheema Organizations: Qantas, Melbourne International Airport, REUTERS, Rights Companies Qantas Airways, Australia's Qantas Airways, ABC, ABC News, Thomson Locations: Melbourne, Australia, Bengaluru

☆ Qantas ex-CEO takes 900% pay rise, but bonus cut amid scandals
▼ + stars: | 2023-09-20 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

Alan Joyce, Chief Executive Officer of Qantas, speaks with members of the media at an event celebrating Qantas' 100th birthday at Sydney Airport in Sydney, Australia, November 16, 2020. Most of the amount was share-based incentives that Joyce was allowed to cash in after they vested, according to the report. It could also "claw back" unvested stock bonuses for Joyce, currently worth A$6 million, it said. Joyce's final pay packet encapsulates his decade and a half of running the company, which dominates Australian air travel. Qantas must return to the Federal Court to determine what it must pay in penalties and compensation to affected workers.

Persons: Alan Joyce, Loren Elliott, Joyce, Richard Goyder, disquiet, Alan, Goyder, Byron Kaye, Sameer Manekar, Rashmi Aich, Gerry Doyle Organizations: Qantas, Sydney Airport, REUTERS, Rights Companies Qantas Airways Ltd, Australia's Qantas Airways, Consumer Commission, High Court, Federal, Thomson Locations: Sydney, Australia, Bengaluru

☆ Qantas ex-CEO takes nearly 900% pay rise, but bonus cut amid scandals
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: +2 min

Most of the amount was share-based incentives that Joyce was allowed to cash in after they vested, according to the report. The company was able to recall AU$8.4 million of share-based bonuses Joyce collected in the year but is not yet allowed to sell, the report added. It could also "claw back" unvested stock bonuses for Joyce, currently worth AU$6 million, it said. Joyce's final pay packet encapsulates his decade and a half of running the company, which dominates Australian air travel. Qantas must return to the Federal Court to determine what it must pay in penalties and compensation to affected workers.

Persons: Alan Joyce, Joyce, Richard Goyder, disquiet, Alan, Goyder Organizations: Qantas Airways, Qantas, Consumer Commission, High Court, Federal

CANBERRA, Australia (AP) — Qantas Airways lost its challenge to a court ruling on Wednesday that the Australian flag carrier had illegally fired 1,700 baggage handlers, cleaners and other ground staff at the height of pandemic travel disruptions. Seven High Court judges unanimously rejected Qantas’ appeal against a Federal Court full-bench decision. That court upheld a Federal Court judge’s ruling that the sacking of Qantas staff at 10 Australian airports in 2020 was illegal. Australian Competition and Consumer Commission initiated the Federal Court lawsuit two weeks ago for what it considers Australia’s most serious-ever breach of consumer law. As travel has ramped up, outsourcing of Qantas jobs has been blamed for a slew of problems including high rates of lost and mishandled luggage.

Persons: Alan Joyce, Michael Kaine, Kaine, Vanessa Hudson, ” Kaine Organizations: — Qantas Airways, Australian, Qantas, Federal, Competition, Consumer Commission, Court, Transport Workers ’ Union, Federal Court Locations: CANBERRA, Australia, Sydney

Reuters GraphicsReuters spoke to four shareholders that have launched activist campaigns who said that some big consumer goods companies are ripe for executive changes after failing to impress. Reuters GraphicsMany large consumer goods companies generally hold low levels of debt and are cash generative, said André Medeiros, managing director and Alvarez & Marsal's EMEA consumer and retail leader. 'ADVOCATING FOR MANAGEMENT CHANGE'Gianluca Ferrari, founding partner of investor Clearway Capital, said his firm had some consumer companies on its radar but declined to name them. He did not identify specific executives nor disclose the nature of his work with consumer companies. In October, Reuters reported that Peltz had approached former CEOs of consumer goods companies as candidates for the Unilever top job.

Persons: Danone's, Emmanuel Faber, David Samra, Samra, Alvarez, Marsal, André Medeiros, Nelson Peltz, Artisan's Samra, We're, Peltz, Heinz, Gianluca Ferrari, Ferrari, Clearway, Glanbia, Faber, Bluebell, Nicolas Ceron, Ceron, underperformance, Kraft Heinz, KHC.O, Andrew Hayes, Russell Reynolds, John Long, Korn, Long, Alan Jope departure's, Unilever's, Graeme Pitkethly, Hein Schumacher, Heinz's, Bill Johnson, Nelson, Richa Naidu, Matt Scuffham, Daniel Flynn Organizations: Artisan Partners, Reuters, Danone, Evian, Unilever, Consumer Products, Reuters Graphics Reuters, Reuters Graphics, Marsal's EMEA, Billionaire, Artisan, Cadbury Schweppes, Heinz, Trian, Bluebell Capital, shareholders, Bluebell, Diageo, Russell Reynolds Associates, Thomson Locations: York, H.J, Frankfurt, Western Europe, North America

☆ Australia says Qatar strip-searches of women in 2020 a factor in blocking extra flights
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

A view shows the Qatar Airways' airbus A350 parked outside Qatar Airways maintenance hangar in Doha, Qatar, June 20, 2022. REUTERS/Imad Creidi/File Photo Acquire Licensing RightsSYDNEY, Sept 7 (Reuters) - Australia said a strip-search of women at Qatar's main airport in 2020 played a part in its decision this year to stop Qatar Airways from selling more flights to Australia, denying it was acting due to pressure from rival Qantas Airways. The claim brings a new element to a controversy surrounding the Australian Labor government's relationship with Qantas (QAN.AX) which had lobbied against a Qatar Airways request to increase its flights. It was "nonsense" to suggest that adding more Qatar Airways flights would have put downward pressure on international fares, King added. Antitrust regulator the Australian Competition and Consumer Commission (ACCC) has said more Qatar Airways flights would have lowered fares.

Persons: Imad Creidi, Catherine King, King, Alan Joyce, Vanessa Hudson, Byron Kaye, Kirsty Needham, Michael Perry Organizations: Qatar Airways, airbus, REUTERS, Rights, Qantas Airways, Australian Labor, Qantas, Australian, Hamad International Airport, Antitrust, Australian Competition, Consumer Commission, ACCC, Thomson Locations: Doha, Qatar, Australia, Qatar's, Canberra

☆ The CEO of airline Qantas is stepping down with a $24 million golden handshake, with one politician calling it the 'swindle of the century'
▼ + stars: | 2023-09-05 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Qantas' CEO is stepping down from his role two months early and will receive a $24 million bonus. AdvertisementAdvertisementAlan Joyce, CEO of Australian national airline Qantas, is facing criticism for the $24 million golden goodbye he will receive after announcing that he is stepping down from his role early on Monday. "If the Board allows Mr Joyce to walk away with $24 million after illegally sacking 1,700 people, gouging customers and while subject to an ACCC prosecution, it will be the swindle of the century," Sheldon said. If Mr Joyce walks away with his $24 million, he will make their annual salary in less than 6 hours." AdvertisementAdvertisementJoyce earned $125 million over the 15 years he spent as Qantas' CEO and was even ranked the highest-paid CEO in Australia in 2018, Sky News Australia reported.

Persons: Alan Joyce, Joyce, Vanessa Hudson, Joyce's, Tony Sheldon, Mr Joyce, Sheldon, Michael Kaine Organizations: Qantas, Australian, Australian Competition, Consumer Commission, Australian Labor Party, Transport Worker's Union of Australia, Australian Aviation, Sky News Australia, Transport Workers Union, ABC, Australia's Federal Locations: Australia

☆ Qantas CEO Alan Joyce to depart early as airline looks to rebuild reputation
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +1 min

Australia's Qantas Airways said its long-serving CEO would bring forward his retirement amid a publicity firestorm over an accusation of illegal ticket sales, signalling what the flagship carrier hopes is the end of a tumultuous period. Five days earlier, Australia's consumer watchdog sued Qantas alleging it sold tickets to some 8,000 flights in mid-2022 after they were cancelled, violating the country's consumer law. Qantas had issued two apologies, blaming tough industry conditions at the time. Over a decade and a half Joyce faced regular criticism for cutting jobs, including a 2011 decision to ground the entire Qantas fleet over an industrial dispute. Even before the fares-for-no-flights scandal, Qantas was facing negative headlines over reports it campaigned successfully to have Australia's federal government stop rival Qatar Airways from running additional flights to Australia.

Persons: Alan Joyce, Joyce Organizations: Qantas Airways, Qantas, Qatar Airways Locations: Australia

☆ Qantas CEO’s exit will barely reduce turbulence
▼ + stars: | 2023-09-05 | by ( Antony Currie | ) www.reuters.com time to read: +5 min

Alan Joyce, Chief Executive Officer of Qantas, speaks in front of a Qantas 747 jumbo jet, before its last departure from the Sydney Airport in Sydney, Australia, as Qantas retires its remaining Boeing 747 planes early due to the coronavirus disease (COVID-19) pandemic, July 22, 2020. In July Canberra rejected Qatar Airways’ request to add 21 flights a week to key Australian cities. Gina Cass-Gottlieb, the watchdog’s chair, is targeting a fine of at least A$250 million ($162 million), she told ABC’s RN radio programme. Qantas customers can now get a cash refund, while credits issued by the group’s budget airline, Jetstar, now last indefinitely. On Aug. 24 Qantas reported record pre-tax earnings for the year to June 30 of A$2.47 billion.

Persons: Alan Joyce, Loren Elliott, Vanessa Hudson, Gina Cass, Gottlieb, Hudson, Richard Goyder, Buckle, Joyce, “, ABC’s, Una Galani, Katrina Hamlin Organizations: Qantas, Sydney Airport, Boeing, REUTERS, Rights, Reuters, Australian Competition, Consumer Commission, Virgin Australia, Regional Express, Qatar Airways, Jetstar, Thomson Locations: Sydney, Australia, Canberra

CANBERRA, Australia (AP) — The boss of Australian airline Qantas said Tuesday he would leave his job immediately — two months earlier than planned — following a series of embarrassing revelations about the company, including allegations it sold tickets for flights that had already been canceled. The airline said Vanessa Hudson would take over as managing director and group chief executive from Wednesday. The announcement came after a difficult few weeks for Qantas and Joyce. Qantas previously acknowledged its standards had fallen well short of expectations as the airline emerged from the COVID-19 pandemic. The airline has since come under pressure to pay back the AU$2.7 billion it received from the Australian government during the coronavirus pandemic.

Persons: Alan Joyce, Vanessa Hudson, Joyce, Qantas “, ”, Vanessa, Richard Goyder, “ Alan, ” Goyder, Hudson Organizations: Qantas, Australian Competition, Consumer Commission, “ Locations: CANBERRA, Australia

☆ Alan Joyce: Qantas CEO to step down early as Australian airline's reputation under scrutiny
▼ + stars: | 2023-09-04 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Qantas Airways said on Tuesday that long-serving CEO Alan Joyce would exit the company two months earlier than previously flagged as a reputational turbulence engulfs Australia’s flagship carrier. Joyce’s early retirement will see CEO Designate Vanessa Hudson, the first woman to lead the century-old airline, take charge on Wednesday. Chairman Richard Goyder said the executive transition came at a “challenging time” for the airline and its staff. Qantas had announced a raft of leadership changes in June in a bid to increase focus on key areas as the airline completes its post-pandemic recovery. The airline said newly appointed Chief Financial Officer Rob Marcolina will also start early alongside Hudson.

Persons: Alan Joyce, Vanessa Hudson, Anthony Albanese’s, ”, Joyce, Richard Goyder, “, ” Goyder, Rob Marcolina Organizations: Reuters — Qantas Airways, Qantas, Qatar Airways, “, Hudson Locations: Australia

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