Bain Capital installs exec as office holder at Virgin Australia as hunt for new CEO continues
Virgin Australia has informed ASIC of the appointment of Ray Hass as a director as the search for a new CEO continues.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
Virgin Australia has formally appointed Ray Hass as an “office holder” as the search for a new boss continues.
Currently, the Bain Capital managing director in Brisbane, Mr Hass has been on the board of Virgin Australia since early 2021.
The airline provided details of his March 4 appointment as an office holder and director to the Australian Securities and Investments Commission late Tuesday.
The last time Virgin Australia updated its office holders was in March 2023, when Race Strauss was appointed chief financial officer.
Company office holders are typically people who are able to make decisions affecting either the entire company or a major part of it.
Chief executive Jayne Hrdlicka was also listed as an office holder, after she was brought in by Bain Capital when the US private equity firm bought Virgin Australia from administration in November 2020.
It was announced on February 20 that Ms Hrdlicka would “transition” out of the CEO role this year, once a replacement was found.
The sudden announcement took staff and others in the aviation industry by surprise, after indications Ms Hrdlicka would lead the airline’s initial public offering by mid-2024.
The IPO was now on hold indefinitely amid speculation Bain Capital was instead considering a trade sale of Virgin Australia.
The process of recruiting a new CEO was being handled by Miami firm Korn Ferry, with job specification details sent to selected candidates last month.
Mr Hass relocated from Melbourne to Brisbane in early 2021, and appeared alongside Ms Hrdlicka at a Select Committee hearing into bilateral air rights in Canberra last year.
The hearing followed the federal government’s decision to refuse Qatar Airways’ an extra 28 flights a week into Australia, which would have benefited partner Virgin.
South African-born, Mr Hass immigrated to Australia with his family at age 16 and went on to represent Australia in backstroke at the 2001, 2002 and 2003 World Championships.
He joined Bain Capital in 2019 after working for Bain & Company since 2008.
Inquiries about Mr Hass’s appointment were referred by Virgin Australia to Bain Capital, which indicated the change was purely administrative.
No date has been set for Ms Hrdlicka’s departure.
More Coverage
Originally published as Bain Capital installs exec as office holder at Virgin Australia as hunt for new CEO continues
Why global money is rethinking ‘anything but China’ trade
Big investors are preparing to play in China again, but the wild swings are not for the faint hearted.
Medibank doubles the number of staff who have ‘gift day’
Australia’s biggest health insurer says more staff are “willing to go above and beyond” as part of a new program allowing staff to work four days per week with no loss of pay.