Summary
- Virgin Australia CEO, Jayne Hrdlicka, resigns after turning the airline profitable during difficult times.
- Amidst transformation plans, the carrier prepares for an IPO listing following the departure of its first female CEO.
- Global seek for a brand new CEO begins as Virgin Australia moves forward with its relisting goals under Bain Capital ownership.
Virgin Australia CEO Jayne Hrdlicka has announced her resignation after leading the carrier for lower than 4 years. The airline will launch a worldwide seek for a brand new CEO ahead of an expected IPO listing.
Virgin Australia CEO steps down
Hrdlicka made the announcement on Tuesday afternoon because the carrier revealed its first profitable 12 months in over a decade. The Australian airline’s first-ever female CEO took over in 2020 after its acquisition by Bain Capital, leading it through the COVID pandemic.
Photo: Michael Doran – Easy Flying
In a press release, Hrdlicka said,
Hrdlicka took over during a tumultuous period when air travel had ground to a halt and airlines were bleeding money. The previous Jetstar CEO implemented strong cost-cutting measures and refocused the airline on mid-market passengers, eventually delivering its first profitable 12 months in over a decade in FY2023.
Virgin Australia said,
![Virgin Australia 737-8 MAX VH-8IA Preston Fiedler](https://static1.simpleflyingimages.com/wordpress/wp-content/uploads/2023/08/virgin-australia-737-8-max-preston-fiedler-dsc_4799vh-8iav3.jpg)
Virgin Australia Turns Its First Profit In 11 Years
CEO Jayne Hrdlicka has placed Virgin Australia in an ideal position to draw investors for an Initial Public Offering, but when?
Upcoming IPO
Hrdlicka’s resignation will herald the subsequent stage of Virgin Australia’s transformation plans, with an initial public offering (IPO) listing within the works. US-based private equity firm Bain Capital purchased the carrier for A$3.5 billion ($2.2 billion) in 2020 and has committed to relisting the airline, but its plans have been delayed. The corporate has not made any public comment on the listing and is unlikely to maneuver ahead until a brand new CEO is appointed.
Photo: Sarah Aktag | Shutterstock
In an email to Virgin employees on Tuesday, Chairman Ryan Cotton wrote,
After initially a A$1 billion ($653 million) listing last 12 months, Bain Capital’s chief development officer, David Marr, who was leading the IPO plans, ended up resigning in October, while the firm’s head of investor relations, Chris Vagg, also recently resigned.
Hrdlicka added,
What do you think that of Hrdlicka’s time as CEO of Virgin Australia? Tell us your insights within the comments.