VA CEO re­cruit­ment update

Travel Daily - - News -

VIR­GIN Aus­tralia Chair­man El­iz­a­beth Bryan to­day con­firmed the on­go­ing search for the air­line’s new CEO was pro­ceed­ing, say­ing she had been “pleased with the high level of in­ter­est from qual­ity can­di­dates both do­mes­ti­cally and in­ter­na­tion­ally”.

Ad­dress­ing the VA An­nual Gen­eral Meet­ing, Bryan reaf­firmed Borghetti’s ear­lier an­nounce­ment that he would like to step down as CEO by Jan 2020, not­ing he re­mained “fully fo­cused on lead­ing the com­pany” in the mean­time.

The VA Chair­man also re­it­er­ated the Board’s po­si­tion that it was “not ap­pro­pri­ate to pri­va­tise the busi­ness at this time,” and noted that al­most 20,000 share­hold­ers had cho­sen to par­tic­i­pate in an “un­mar­ketable par­cel” buy­back fa­cil­ity launched ear­lier this year.

The AGM also in­cluded a pre­sen­ta­tion from Borghetti, who said the com­pany was now on a “clear path to­wards sus­tain­able prof­itabil­ity” after re­port­ing a $653.3 mil­lion after-tax loss for the year, largely im­pacted by non­cash ad­just­ments.

He said do­mes­tic op­er­a­tions had per­formed par­tic­u­larly well, with VA “con­tin­u­ing to chal­lenge the sta­tus quo and raise stan­dards”.

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