Qantas’ Margaret Jackson to resign in November
In a soft, slow chop rather than falling on her sword, Qantas has announced that its Chairman Margaret Jackson is to step down from the Board at its annual meeting in November.
Late last night Qantas issued a statement that Margaret Jackson, who has been Qantas chairman since 2000 told the board she would step down at the next annual meeting, with the Board is expected to make further announcements about a number of Board and management positions when its Board continues its meeting in Melbourne today.
Interestingly the news came as the final door closed on the failed $11b APA bid for Qantas, with APA confirming yesterday that it would not be proceeding with any new bid for Qantas in the short term.
Ms Jackson has been heavily criticised for potential conflict of interest when she recommended shareholders accept the bid and her active campaigning for APA, in interviews arguing that shareholders should accept the bid and that Qantas shares would fall if it did not go through.
She told The Australian that she would be “devastated” if the bid did not go through and told another journalist that shareholders who did not accept had a “mental” problem.
Qantas shares, which failed to reached the bid price of $5.45, have have not plummeted as she predicted as Australian institutions have bought back into the stock.
The Board have not made any announcement about Margaret Jackson’s successor but one possible contender is considered to be former Qantas CEO James Strong who rejoined the Qantas board earlier this year.
The Qantas board continues its meeting in Melbourne today with the airline’s future in the wake of APA’s failed $11 billion bid high on the agenda.
It appears that ratings agency Moody’s Investors Service have called for clarity on the future of the Qantas board, with Moody’s Terry Fanous saying the agency would be “seeking further clarity around ongoing stability in Qantas board and senior management structure” and “Moody’s expects to discuss these issues with Qantas over coming weeks”.
Report by The Mole
John Alwyn-Jones
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