SYDNEY, Sept 27 — The chairman of Australia’s Qantas Airways today vowed to stay in his role despite a host of scandals engulfing the airline, saying its biggest shareholders...
SYDNEY, Sept 27 — The chairman of Australia’s Qantas Airways today vowed to stay in his role despite a host of scandals engulfing the airline, saying its biggest shareholders wanted leadership continuity even as its shares track a one-year low.
After the airline’s long-standing CEO retired early this month, citing the need for renewal, unions, consumer groups and investors have turned their sights to Goyder. Stock analysts have downgraded the stock, citing rising costs of buying fuel and repairing its customer service systems. “While I retain the confidence of shareholders and the board, I will continue to serve. If that confidence isn’t maintained, then clearly I will review that decision,” he said.
The decision has been a lightning rod for consumer outrage at Qantas, which sells three-fifths of all Australian domestic airline tickets, because it limited competition that might have pushed fares lower, according to antitrust experts.
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