Business

Who will replace Alan Joyce as Qantas CEO?

Published

3 months ago

November 1, 2022

The Qantas board is set to face the big question about the airline’s chief executive succession plan at its AGM.

Shareholders will be asked to approve a potential $13.8 million payday for Alan Joyce, now into his 14th year as CEO of the airline.

Qantas chairman Richard Goyder has said that Mr Joyce is expected to leave by the end of 2023 after overseeing the airline’s recovery from the pandemic.

“The succession plan is important from a confidence perspective for shareholders,” said Australian Shareholders Association CEO Rachel Waterhouse.

“The organisation has been very reliant on one individual for a period of time. He’s done really well at several points in time, but retail investors will want to see some succession planning in place.”

Like many international airlines, Qantas has been hit hard by the pandemic.

The company has had to axe thousands of jobs and stand down tens of thousands of employees. However, Mr Joyce has been widely credited with steering the company through the crisis and positioning it for a strong recovery.

Under his leadership, Qantas was the first airline in the world to receive carbon-neutral status.

The next leader

It’s one of the most prominent business jobs in Australia, and Qantas punches well above its weight on the international aviation stage, thanks to its ultra long haul flights and long history.

But the top job is somewhat of a poisoned chalice. Dealing with complex unions in a high cost environment and fast-changing aviation world, Joyce’s replacement will need to be a politician capable of attaining the highest office.

Business

TikTok could be banned in the United States

Published

13 hours ago

February 6, 2023

ticker NEWS

TikTok in the firing line after Chinese balloon was shot down

China has hit back at the U.S. after officials shot down a suspected Chinese spy balloon off the coast of South Carolina.

Washington says it was being used to monitor strategic sites.

But Beijing rejects this – claiming the balloon was a civilian airship used to monitor the weather.

The incident is just the latest in a long line of diplomatic disputes between the two countries.

Now, TikTok could be banned in the U.S. in the wake of the incident.

Republicans are now pushing for Washington to distance itself from the Beijing-based app. #trending #featured

Business

Companies to pay extra for verified Twitter accounts

Published

22 hours ago

February 6, 2023

ticker NEWS

Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

Business

BMW to invest €800 million in Mexico

Published

22 hours ago

February 6, 2023

ticker NEWS

BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.