Fyfe under pressure to leave Air NZ earlier

Pressure is mounting for Air New Zealand to appoint a new chief executive to replace Rob Fyfe by the end of the airline’s financial year on June 30.

Some analysts and institutional investors also say it is time for chairman John Palmer to stand aside after 11 years in the role.

Fyfe announced this month that he would leave the company at the end of this year, but some analysts and industry insiders said it would be difficult for Fyfe to hang on that long. Investors would want to see a new chief executive’s strategy before any selldown of the Government’s stake in the airline next year, they said.

One analyst said it would be a ‘‘more appropriate date’’ for Fyfe to go on June 30.

That would give enough time for a new chief executive to establish themselves before the Government reduced its 74 per cent stake in the airline to between 51 per cent and 55 per cent, probably in the second half of next year.

An international search for a new chief executive was already under way. Internal candidates were also eligible.

Fyfe’s departure could trigger other changes, including the departure of Palmer.

An industry insider said Air New Zealand could lose the chairman, chief financial officer Rob Mcdonald and long-serving deputy chief executive Norm Thompson in quick succession. A new chief executive could also result in some of the overlooked internal candidates leaving.