Qantas CEO Alan Joyce sells US$11 million in shares ahead of retirement

AUSTRALIA’S Qantas Airways’ outgoing chief executive, Alan Joyce, on Tuesday (Jun 6) sold US$11.3 million of shares in the airline, ahead of his retirement in November.

Joyce, who served as the airline’s CEO for 15 years, has offloaded 2.5 million shares for A$6.75 (S$6.06) a piece, leaving him with a holding of just 228,924 in the company, according to an exchange filing.

The stake disposal by the soon-to-be former chief executive comes after the flagship carrie named finance chief Vanessa Hudson as its next CEO.

Hudson would make history as the first woman to ever lead the century-old airline.

Shares in the airline finished Tuesday’s session down 4.1 per cent, marking its worst day in over 11 weeks. REUTERS