Qantas chair Richard Goyder (right) announced on Tuesday that Vanessa Hudson (centre) would take over from CEO Alan Joyce (left).Credit:Rhett Wyman
With Joyce’s 15-year reign coming to an end,Hudson told this masthead she was confident of the airline’s financial position despite the concerns raised by some analysts and shareholders over its mounting capital expenditure bill,which now sits at $10.1 billion,up from $5.2 billion over the three years before COVID-19.
“We feel very confident that we can afford the renewal program,” she said.
“I think there’s a little bit of disconnect surrounding our renewal program and Project Sunrise that will occur over the next five years while the narrow bodies are over the next 10 years.
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“There’s been a steep change in our cash flows. This change is structural,both in terms of the restructuring of our business that we’ve done,the improvements in our freight business,the incredible performance of our loyalty,business and also that we are very focused on hitting our FY 24 targets next year,which will further improve our cash flows.”
Qantas will receive about 80 aircraft over the next four years to replace some of its domestic and international fleet. So far,it’s signed to buy a dozen A350-1000s. These are expected to service thelong-awaited Project Sunrise routes, which will involve direct flights from Melbourne and Sydney to London and New York.
In addition to Project Sunrise,Hudson will take over Project Winton – the Airbus order.