Qantas announces resignation of Chief Financial Officer


Qantas Chairman, Leigh Clifford, and CEO, Alan Joyce, announced the resignation of Chief Financial Officer and Board Member, Mr Colin Storrie, citing personal and health reasons. Mr Clifford said Mr Storrie's resignation would take final effect from 05-Mar-2010 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.

  • Qantas CFO, Colin Storrie, has resigned due to personal and health reasons.
  • Qantas Chairman and CEO have accepted the resignation and agreed to succession arrangements.
  • Qantas will consider internal and external candidates for the CFO position and has engaged advisers to assist.
  • Gareth Evans has been appointed as Acting Group Executive Finance until a permanent replacement is found.
  • Storrie's work as CFO during the global financial crisis is praised for maintaining Qantas' strong financial position.
  • Storrie's resignation comes shortly after the appointment of John Borghetti as CEO of rival airline Virgin Blue.

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. He stated, "Colin 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 Joyce added, "Colin 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. 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."

Mr Joyce noted, "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.

The news follows the appointment today of former Qantas executive, John Borghetti, as CEO of rival Virgin Blue. See related report: Virgin Blue announces former Qantas exec, John Borghetti, as new CEO

Want More Analysis Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More