Former treasurer Peter Costello is among high-profile corporate figures sounded out for the Qantas board as the airline reshapes its senior ranks with the departure of two directors this month and the company’s chairman, Richard Goyder, later this year.

Qantas, which is facing increasing competition and more expenditure as it attempts to repair its reputation, is expected to announce replacements for outgoing board members Jacqueline Hey and Maxine Brenner as soon as this week.