Navigating Turbulence: Qantas Airways Overhauls Board To Rebuild Trust And Address Reputational Challenges

Qantas Airways Ltd QABSY Chairman Richard Goyder will retire before the Annual General Meeting (AGM) in late 2024.

Non-executive director Michael L'Estrange is also stepping down at this year's AGM on November 3, 2023. Board members Jacqueline Hey and Maxine Brenner are scheduled to retire at the Qantas half-year results in February 2024.

This wave of departures is part of a broader strategy to refresh the board's composition and perspective, aiming to instill renewed energy and focus in the company's leadership.

The airline is undergoing a significant board overhaul to address its current reputational challenges and rebuild trust within the company and its stakeholders.

These changes follow union demands for Goyder's resignation due to plummeting morale and other internal issues. The comprehensive board reshuffle is seen as a step towards addressing these underlying challenges and steering the airline towards a path of recovery and renewed reputation.

Goyder acknowledged the significant reputational and customer service issues facing Qantas. "As a Board, we acknowledge the significant reputational and customer service issues facing the Group and recognise that accountability is required to restore trust," he stated.

An independent review of key governance matters over the past year is underway, with outcomes expected to be shared in the second quarter of 2024.

Price Action: QABSY shares closed 2.19% higher at $15.87 on Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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