Qantas Group Chairman and Directors to Depart in 2024 Amidst Reputational Challenges

The Qantas Group has announced the impending departure of its Chairman, Richard Goyder, along with directors Jacqueline Hey and Maxine Brenner in 2024. Goyder’s decision to step down is framed as a move to address the reputational issues confronting the group and rebuild trust. The announcement follows a series of challenges faced by Qantas, raising questions about board oversight and management decisions.

Goyder, who joined the Qantas Group board in 2017 and assumed the chairman role in 2018, will continue his tenure for approximately 12 more months. The departure is seen as an opportunity for the board to recruit a new chairperson and allow the newly appointed CEO, Vanessa Hudson, to settle into her role. Despite recent controversies and criticisms regarding the handling of various issues during the pandemic, Goyder will continue to receive an annual director’s fee exceeding AUD650,000 along with extensive travel benefits.

The decision to step down comes amid scrutiny of the board’s actions and accountability, particularly surrounding the early departure of former CEO Alan Joyce. Goyder faced criticism for allowing Joyce to sell AUD17 million worth of shares despite knowledge of an impending scandal related to the selling of seats on cancelled flights. Shareholder discontent also revolves around the potential clawback of the AUD14.4 million in shares and bonuses due to Joyce upon his departure.

The announcement precedes the Qantas Group’s late October 2023 Annual General Meeting (AGM), which was anticipated to be a significant event in Australia’s corporate calendar. The AGM is expected to see the candidacy of former American Airlines CEO Doug Parker, Vanessa Hudson, and Heather Smith under a board renewal banner. Current directors Belinda Hutchinson and Todd Sampson will stand for re-election at the AGM.

Goyder acknowledged the challenges faced by Qantas during the pandemic recovery and expressed apologies for any mistakes made. The departure marks a pivotal moment for Qantas as it navigates through reputational and customer service concerns.