New Qantas CFO

[flying1977]

From the SMH

Qantas chief financial officer Peter Gregg has resigned from the airline.

Mr Gregg has announced his departure just weeks after the company named Jetstar head Alan Joyce as its new chief executive to replace Geoff Dixon.

Mr Gregg, 53, will be succeeded by his deputy Colin Storrie, who assumes the role and joins the board on September 30.

Mr Gregg was appointed chief financial officer and to the board of Qantas in 2000 and will leave the airline on December 31.

He was this year named as one of thee contenders for the chief executive job, along with the airline's executive general manager John Borghetti and Mr Joyce.

Mr Dixon said Mr Gregg had been integral to the airline's success over the past decade.

"Peter has made a wonderful contribution in both the financial and strategic directions of Qantas over the past eight years and has served the company and shareholders with distinction,'' Mr Dixon said.

Mr Gregg said his decision was in the best interests for shareholders as the company prepares for its new chief executive, Mr Joyce, to take over.

"It has been a privilege to have contributed to the management and strategic development of this great company,'' he said.

"With a new incoming CEO, I believe that signalling now my intention to step down from both my executive and non-executive roles is in the best interests of shareholders and the company.''

Qantas reports its annual results on Thursday.

The group's shares finished down 6 cents at $3.45 today.

 

[taswegian77]

i think we can expect more changes within QF, whether it has a negative flying experience will be seen. New CEO, new CFo (well both within QF group) still signals new waters fro them to stamp their style.

 

[docjames]

It's not uncommon for a CFO to depart just after a CEO - if you get passed up for the "top job" you might as well go be CFO somewhere else you may eventually get it.

 

[taswegian77]

yes very true.

 

[Tooner]

It's not uncommon for a CFO to depart just after a CEO - if you get passed up for the "top job" you might as well go be CFO somewhere else you may eventually get it.

Maybe Virgin Blue

 

[pauly7]

Maybe Virgin Blue

hehe, well they just announced their profit - down about 50% so can only get better!

 

[oz_mark]

It's not uncommon for a CFO to depart just after a CEO - if you get passed up for the "top job" you might as well go be CFO somewhere else you may eventually get it.

This article makes it sound as though it was more of a push out the door.
New Qantas chief Joyce makes his first big move | Herald Sun

INCOMING chief executive Alan Joyce has put his stamp on Qantas with the departure of long-time director and chief finance officer Peter Gregg.
Mr Gregg, 53, who is credited with keeping Qantas as one of the world's most profitable airlines, learned three weeks ago his services were no longer wanted.

Insiders told BusinessDaily last night that Mr Joyce met Mr Gregg on August 1, three days after he was named to succeed Geoff Dixon as managing director, and made it clear he wanted Mr Gregg to leave.

 

[simongr]

Most CEOs want a CFO that is aligned with their strategic view of the world and are going to be able to deliver finance outcomes that support their strategies.

I would generally expect a change of CFO after a change of CEO rather than expect the status quo.

 

[QF WP]

I would be concerned with the loss of knowledge, however given Peter only leaves on 31 December, that is enough time to hopefully share the role with Colin Storrie (who will have a good working knowledge, perhaps not as detailed as Peter's given that he was privy to more of the inner sanctum decisions).

But it is fairly regular occurance - I wonder where he'll end up (if he's going to stay in the industry).

Had the pleasure of meeting and talking with him on a CBR/SYD Dash 8 flight after attending the QF AGM a couple of years ago. Was delighted to see that 5 of the top execs had to endure the flight with me, rather than getting a private jet or the 737 service.

 

[FPred]

The airline business is so volatile...

hehe, well they just announced their profit - down about 50% so can only get better!

 

[dajop]

The airline business is so volatile...

Yep, and even moreso when you consider that a 50% profit reduction is probably, by global standards a good outcome. Many airlines in some parts of the world would be very happy with this, compared what they are facing.

 

[Standby]

Peter I think will slot very nicely into a role somewhere in the BIG end of town...I think even smiley faced suggections of Virgin Blue would be considered a backward step to the role he is leaving..a mate mentioned a major construction company is keen but I'm sure he will get the chance to choose...and dont feel too sorry I remember checking the ASX site one day in the company announcements to see he had offloaded a bucket load of shares when they hit $6
good luck to him..also hear from Friends inside QF that his replacement is very highly thought of ...so steady as she goes from the purse strings dept.

 

[Jobu]

Personally I'd be surprised if he ended up as CFO elsewhere... I think more likely he will be going for a CEO role.

J