Missing the Corner Office

14 October 2008

Missing the Corner Office

Along with executive general manager John Borghetti, Gregg was considered a strong candidate for the job. The CFO announced his resignation in mid-August.

The choice of Joyce comes as no surprise to some in the industry. “If you’re trying to pick a new president and have a guy who has been successful with a small airline, that makes him a very appealing candidate,” says Jim Eckes, managing director of airline analyst Indo-Swiss. “Gregg is well respected as CFO and has an outstanding record with Qantas. He would have been a good pick, but there can be only one at the top.”

Many CEOs in the United States and Europe—particularly in the asset-intensive airline business—are former finance executives. Not so in Asia. “It’s not common for CFOs to move into the CEO position in this region, although it's not unheard of,” says Guy Day, Asia managing director of recruiting firm Ambition. “Alex Arena’s ascent from PCCW’s group CFO to group managing director is perhaps one of the best-known appointments in recent years.”

Equally rare, however, says Day, is for someone in Gregg’s position to resign so quickly after missing out on the CEO position. “However, even if they don’t resign, they will no doubt activate a job search,” he adds.

Gregg officially steps down at the end of September, but says he will remain as a consultant until the year-end. His future career plans are up in the air—at least he isn’t talking about them. When asked about his next steps, the affable Gregg told CFO Asia, “I have no announcements about my plans at present.” Deputy CFO Colin Storie will become Qantas’s new finance chief.

Sourced from CFOAsia.com.
http://www.cfoasia.com/archives/200810-grapevine.htm

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