Qantas rebounds after Joyce’s emergency exit bombshell

Shares in Qantas rebounded when markets opened on Monday following news chief executive Alan Joyce would exit the airline earlier than planned.

The early exit of embattled Qantas chief executive Alan Joyce saw the airline’s share price wobble when markets opened on Tuesday morning.

Qantas opened lower at $5.64, its lowest since early October, before lifting 1.6 per cent to $5.74. The share price has since sank to $5.66.

The departing chief executive was expected the exit the national carrier in November, but mounting controversies, including legal action by the Australian Competition and Consumer Commission over allegations of illegal ticket sales, has seen the airline plagued by negative press in recent months.

“In the last few weeks, the focus on Qantas and events of the past make it clear to me that the company needs to move ahead with its renewal as a priority,” Mr Joyce said in a statement to the ASX.

Qantas chief executive Alan Joyce has led Qantas for the past 15 years. Picture NCA NewsWire / Aaron Francis

“The best thing I can do under these circumstances is to bring forward my retirement and hand over to Vanessa and the new management team now, knowing they will do an excellent job.”

Incoming chief executive Vanessa Hudson, who has previously served as airline’s chief financial officer, will take the top job from tomorrow.

Qantas chair Richard Goyder defended Mr Joyce’s 15-year tenure as the airline’s head but admitted that public confidence had diminished in recent months.

“Alan has always had the best interests of Qantas front and centre, and today shows that,” Mr Goyder said.

“On behalf of the board, we sincerely thank him for his leadership through some enormous challenges and for thinking well ahead on opportunities like ultra long-haul travel.

Shares last traded at $5.68, up 0.5 per cent.

Originally published as Qantas rebounds after Joyce’s emergency exit bombshell