Jayne Hrdlicka, the chief executive of Virgin Australia, has announced she is stepping down from her role.
Ms Hrdlicka made the announcement on Tuesday afternoon as the airline announced a return to profitability over the 2023 financial year and what they said was a “strong” first half of the 2024 financial year.
“After nearly four years of intensive work and transformation since the dual challenges of Administration and the onset of Covid-19, Jayne has decided that now is the right juncture to ensure that succession is in place to see the company through a future IPO and beyond,” Virgin Australia said in a statement.
“The Board of Virgin Australia will shortly commence a global search process for a new CEO.”
Ms Hrdlicka has been the company’s chief executive since 2020, after the airline was acquired out of administration by Bain Capital.
She remained leader throughout the Covid-19 pandemic, including a tumultuous period where planes were grounded and borders were slammed shut.
In a statement, Ms Hrdlicka said it was the right time to step out of the major role and “pass the baton on”.
“This is not a decision I have taken lightly, but the last 4 years have been heavy lifting across the organisation during the toughest of times,” she said.
“We are in the midst of the next phase of our transformation program and there is a lot to do and an IPO to deliver.”
Ms Hrdlicka’s resignation follows the airline announcing they had returned a profit for the first time in more than a decade, doubling its 2022 revenue with a reported $5bn.
Revenue for domestic, international. regional and charter flying increased 126 per cent from the 2022 financial year, with Virgin citing record travel demand as the driving factor behind its return to pre-Covid levels, Virgin announced in October 2023.
It has been 11 years since the company first turned a profit.
“I am very proud of what the Virgin Australia team have accomplished together since the depths of administration and the Covid-19 pandemic,” Ms Hrdlicka said.
“I am honoured to have been given the opportunity to guide the team to this point on its journey, and I very much look forward to seeing the continued success of Virgin Australia.”
In their statement the company said the airline had been repositioned as a value carrier under Ms Hrdlicka’s leadershi[ and “rebuilt to deliver great choice and value to travellers” while returning the airline to a sustainable future.
“Our people have been the centrepiece of this period and have enabled a successful phase one to Virgin Australia’s transformation,” the company’s statement reads.
Virgin Australia is currently entering the second phase of its transformation, targeting continued growth and margin expansion to secure its long-term financial sustainability.
More to come.