How CEO Alan Joyce Made Qantas Airlines Fly High Again | Facebook
Here's how one CEO pulled off the most stunning airline turnaround in history.
Watch the full episode: http://bloom.bg/2HWCDEE
The world's oldest Airlines flying the world's longest roots, a brand known across the globe, but less than a decade ago. it was hemorrhaging cash spiraling toward collapse. It's been transformed. I'm David Tweed. This is Bloomberg turnaround. Join me to see how Alan Joyce got quantum flying high again. Turnaround is really a textbook example of what can be done within the airline industry. In 2018, Quantus reported a profit of one point two billion US dollars, its largest ever shareholders were rewarded with share buybacks and dividends of more than 360 million dollars, while employees were showered with 50 million dollars of bonuses. That was a far cry from the two point, seven billion dollar loss announced in 2014. There's no doubt that today's numbers are confronted, but they represent the year that is passed and we have now come. The worst hey, David. How do you nice to meet you sweet Nice to meet you? David Glad to to be welcome to Quote Head office. Thank you very much so tell me about that turnaround. What were the main limited the Turner and how did that plan of all so we had probably the perfect storm hitting those there around 2013, so the conditions are supposed are important because we had a high oil prices. They reached well over four billion dollars, the highest over hundred dollars a barrel, the highest that we've seen we had simultaneous. Domestic competitor, Virgin Running Autos and trying to take massive market share and being funded by a number of four Airlines extensively funded, and we also had because of the very high Ozzie dollar, a lot of international carriers flying into Australia. so it was the perfect storm and all of our businesses simultaneously. Joyce announced the two billion dollar cost cutting program everything from faster aircraft turnarounds to saving fuel from optimizing roots. The workforce shrank by 5000 or 15 percent the fleet. Simplified Boeing 747 S were retired ahead of schedule replaced by A 330 - two hundreds an order for eight 80 -. three eighties was deferred and scheduled to change to maximize use of quantity remaining. 1280 - three eighties Contest dropped unprofitable roots like Perth to Singapore. Another roots planes would change to match capacity to demand. Joyce himself took a 30 -. Most remarkable aviation turnarounds in history.