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Virgin Australia Chief Has No Plans To Quit – Report

April 7, 2016 Aviation, Headline News No Comments Email Email
Virgin Australia chief executive John Borghetti said he has no plans to quit and defended his turnaround strategy for the airline, according to a local media report.
His comments in the the Australian Financial Review follow a tumultuous week in which Virgin’s largest shareholder, Air New Zealand, flagged plans to sell its 26 percent stake and Standard & Poor’s cut its outlook for the company from stable to negative.”I don’t intend to go anywhere,” Borghetti told the newspaper. “I’ve still got things I need to get done. This week is just one more week.”

Virgin has been cutting costs to help its recovery from a price war with larger rival Qantas, but it has been slower to show the benefits. It revealed recently that its cash reserves at December 31 were down by a quarter from a year earlier.



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