It’s often said that a company board’s most important job is to appoint a CEO. However, an equally important, and more difficult decision is when to end a CEO’s tenure.
Joyce might have been an imperial CEO, but now he’s an embattled one in which the public, and in particular customers, have lost faith.
On Thursday, the flight credits total was finally revealed by Qantas as $570 million. This was the same day the Australian Competition and Consumer Commission revealed it is suing Qantas for engaging in false, misleading or deceptive conduct regarding the sale of tickets on those ghost flights and is seeking a penalty in the hundreds of millions.
On Thursday, as the ACCC announced its court case against Qantas, the airline revealed it would no longer require customers to use their unclaimed flight credits by year-end, scrapping the expiry date. Still, the airline is the subject of a separate class action concerning the flight credits debacle.
High airfares are adding to inflationary pressures in the economy. The federal government has given multiple mangled explanations, including more this past week, for why it won’t grant Qatar the right to additional services, which has cost the government significant political capital with voters, and drawn criticism from former federal treasurer Peter Costello, business groups and former ACCC bosses Allan Fels and Rod Sims.
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