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With overseas flights unlikely to be reactivated until FY22 except for New Zealand, Qantas Group (ASX: QAN) has today announced the departure of the boss in charge of its international business.
Tino La Spina will leave the company on 1 September following 14 years of service, having previously held the position of CFO before taking on the international CEO role in May last year after Alison Webster resigned.
The nation's most iconic airline has made 6,000 staff redundant in response to COVID-19 and associated travel restrictions, as well as the grounding of its fleet as part of a $15 billion cost saving strategy.
Today's announcement may increase that figure by a few million dollars. La Spina's responsibilities will be transferred to the group's domestic CEO Andrew David, who also handles Qantas Freight.
"The COVID crisis is forcing us to rethink our business at every level. It's increasingly clear that our international flights will be grounded until at least mid-2021 and it will take years for activity to return to what it was before," says group CEO Alan Joyce.
"Under those circumstances, we've made the decision to consolidate the domestic and international business units under a single divisional CEO.
"Tino has done a superb job throughout his 14 years at Qantas. He's a talented executive who brings his trademark enthusiasm to every challenge. I know I speak for the rest of the executive team and for the Board in thanking him sincerely for the huge contribution he has made, particularly as Deputy CFO and then CFO for most of that time."
Investors appear to have responded negatively to the news, with QAN shares down 4.36 per cent at $3.73 at 11:30am AEST.
Updated at 11:31am AEST on 24 August.
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