From punch bag to saviour: Joyce's rise echoes Qantas rebirth
It’s tough to overstate the tide of troubles that faced Alan Joyce, the CE of Qantas Airways, just 2 years ago. Losses had ballooned amid a capacity war with Virgin Australia and its foreign backers. Australia’s govt wouldn’t guarantee Qantas’s debt, which was junk-rated at the time. The airline’s share price wallowed near an all-time low and thousands signed a public petition for Joyce to be sacked. Now he’s pulling off one of the fastest turnarounds in Australian corporate history. Qantas stock has almost quadrupled and the airline is set for a record profit this year. Next week, Joyce may announce another cash return to shareholders, cementing his transition from embattled CE to investor darling. Underlying pre-tax profit will jump to A$908.7m (US$645m) for the 6 months to Dec. 31 from A$367m a year earlier, according to estimates. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-02-18/oneworld/from-punch-bag-to-saviour-joyces-rise-echoes-qantas-rebirth
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From punch bag to saviour: Joyce's rise echoes Qantas rebirth
It’s tough to overstate the tide of troubles that faced Alan Joyce, the CE of Qantas Airways, just 2 years ago. Losses had ballooned amid a capacity war with Virgin Australia and its foreign backers. Australia’s govt wouldn’t guarantee Qantas’s debt, which was junk-rated at the time. The airline’s share price wallowed near an all-time low and thousands signed a public petition for Joyce to be sacked. Now he’s pulling off one of the fastest turnarounds in Australian corporate history. Qantas stock has almost quadrupled and the airline is set for a record profit this year. Next week, Joyce may announce another cash return to shareholders, cementing his transition from embattled CE to investor darling. Underlying pre-tax profit will jump to A$908.7m (US$645m) for the 6 months to Dec. 31 from A$367m a year earlier, according to estimates. <br/>
