Qantas Announces Resignation of Chief Financial Officer
Sydney, 02 March 2010
The Chairman of Qantas Airways Limited, Mr Leigh Clifford, and the Chief Executive Officer, Mr Alan Joyce, announced today that Qantas' Chief Financial Officer, Mr Colin Storrie, intends stepping down and resigning from the Board in order to spend time with his family for personal and health reasons.
Mr Clifford said Mr Storrie's resignation would take final effect from 5 March and that the Board had agreed to succession arrangements proposed by Mr Joyce. Qantas will consider internal and external candidates to replace Mr Storrie, and has engaged advisers to assist.
Mr Joyce said Qantas has appointed Mr Gareth Evans as Acting Group Executive Finance for the Qantas Group until a permanent replacement for Mr Storrie is selected. Mr Evans is currently CFO of Qantas airline.
Mr Clifford and Mr Joyce praised Mr Storrie for his work as CFO in steering the company through the global financial crisis, and before that as Deputy CFO and Group Treasurer.
"Colin Storrie has contributed greatly to Qantas maintaining a strong financial position during his time as CFO and before that as Deputy CFO. During his time as CFO, Qantas was able to remain in profit as it weathered the global financial crisis. We are sad to see him go," Mr Clifford said.
Qantas' CEO supported Mr Clifford's comments.
"Colin Storrie has been right by my side since I became CEO and his work as CFO has been fundamental to the airline's current financial strength," said Mr Joyce.
"This has been a hard decision for him to take, but I am pleased we still have access to his expertise during the transition to a new CFO."
"Thanks to Colin, Qantas has come through the GFC with a very strong cash balance, an investment grade credit rating and has been able make real progress on unit costs while undertaking major capacity reductions.
"I understand why Colin has decided to spend more time with his family, but we will miss working with him and wish him well as his health recovers fully."
Commenting on his resignation, Mr Storrie said: "Alan is an excellent Chief Executive and we've had a good working relationship over the years. I have reluctantly made this decision, however, I believe that Qantas is in good hands."
Colin Storrie was appointed Chief Financial Officer and Finance Director, and to the Qantas Board in September 2008. Mr Storrie has over 10 years' experience in senior financial roles at Qantas. Previously, he was Group Financial Controller, Group Treasurer and Deputy Chief Financial Officer with responsibility for the Group Finance function.
He has been a member of the Qantas Executive Committee since October 2005. Mr Storrie is a Director of a number of controlled and associated entities of the Qantas Group. Prior to joining Qantas, Mr Storrie worked in finance and accounting roles within investment banking and the New South Wales Government. Colin has a degree in Commerce, is a Certified Practicing Accountant, holds a graduate Diploma in Management and is a member of the Australian Institute of Company Directors.
Gareth Evans is currently Chief Financial Officer Qantas Airlines within the Qantas Group and is a director of the Qantas Foundation and Jetset Travelworld Limited. He is responsible for the financial operations of the airline, commercial and business analysis and the implementation of major business change initiatives.
His previous roles with Qantas cover a number of operational areas including scheduling of the international and domestic network, ticket pricing, revenue management and airline operations on the day as well as readiness activities for the arrival of the A380. Prior to joining Qantas Airways in 1999, he held a number of corporate finance roles with Caltex Australia and KPMG in Australia and the UK.
Issued by Qantas Corporate Communication (4029d)