Sydney

IT'S tough to overstate the tide of troubles that faced Alan Joyce, the chief executive officer of Qantas Airways Ltd, just two years ago.

Losses had ballooned amid a capacity war with Virgin Australia Holdings Ltd and its foreign backers. Australia's government wouldn't guarantee Qantas's debt, which was junk- rated at the time. The airline's share price wallowed near an all-time low and thousands signed a public petition for Mr Joyce to be sacked. Now he's pulling off one of the fastest turnarounds in Australian corporate history. Qantas stock has almost quadrupled and the airline is set for a record profit this year. Next week, Mr Joyce may announce another cash return to shareholders, cementing his transition from embattled CEO to investor darling.