Air New Zealand’s chief executive Rob Fyfe has resigned, saying 2012 will be his last year in the position.
Chairman John Palmer says Mr Fyfe has kept Air NZ profitable “despite the backdrop of turbulent economic times that have seen airline lose billions globally”.
Mr Palmer says Mr Fyfe is recognised internationally with his current chairmanship of the Star Alliance and as a member of the International Air Transport Association board.
He says they expect significant international interest in the role and believe there are already strong candidates within the current executive team. He cannot say how long it will take to reappoint the position but would assume six months.
Mr Fyfe says his decision to leave Air NZ coincides with the end of his Star Alliance term and will also see him complete four years at IATA.
He says throughout his time at Air NZ, his goals were to maintain a world class reputation, a strategy for the future as well as a “strong balance sheet”.
Mr Fyfe was appointed in October 2005, taking over from Ralph Norris.
The shares peaked above $16 in 1995 and had tumbled to around $1.10 by the time Mr Fyfe was appointed. They fell 1.1 percent to 90 cents on the NZX today.
The government has flagged its three-quarters stake in the airline as among assets it plans to sell down over the next few years. It intends to retain a holding of just over 50 percent.
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