Air New Zealand will begin the search for a new chief executive after Rob Fyfe confirmed earlier today that he will step down at the end of the year.
Chairman John Palmer said he expected the position to attract “significant interest” with a number of strong candidates likely to emerge internally.
A successor is likely to be appointed in around six months.
Fyfe took over at Air NZ in 2005 and earned widespread respect for managing the airline through a turbulent period.
“When I was appointed to the role of chief executive Air New Zealand faced some extremely significant challenges as we set about reinvesting in our business, enhancing our competitiveness and regaining our world class reputation,” he said. “While many of the challenges were evident at the outset many unexpected hurdles also emerged. That is the nature of the aviation industry.”
While declining to reveal his future plans, Fyfe said it was time for new blood.
“I’m very conscious that I am surrounded by many very talented and capable executives and if they are to grow and realise their full potential I have to create the space to allow them to do so,” he said.
He described himself as an “Air New Zealander to the core”.
Fyfe vowed to improve the financial performance of the business before stepping down on December 31. The carrier posted a 45% decline in pre-tax profits in the 2010/11 financial following a tough second half.
“I am not prepared to see the tough global economic environment used as an excuse for falling short of the return we should be delivering shareholders,” he said. “I want to leave Air New Zealand with the confidence that we have the pathway to sustainable strong growth to support the New Zealand economy.”
His departure will coincide with the end of his term as chairman of Star Alliance.
