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BREAKING NEWS

Air New Zealand CEO Christopher Luxon resigns, airline looks for replacement

Air New Zealand CEO Christopher Luxon resigns, airline looks for replacement
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SINGAPORE (Reuters) – Air New Zealand Ltd said on Wednesday its chief executive, Christopher Luxon, would step down from Sept. 25 after seven years in the role and that it had begun an international search for his replacement.

Luxon, 48, said in a statement he would think about how he could best use his abilities to aid New Zealand, “whether through corporate life, politics or a not-for-profit” role.

He is one of New Zealand’s most prominent businessmen and the chairman of a business advisory council formed last year by the country’s prime minister, Jacinda Ardern.

Under his leadership, Air New Zealand, which is 51 percent government-owned, has produced consistent profits in recent years as it renewed its fleet with fuel-efficient planes and focused on routes in the Pacific Rim.

The airline has forecast it will report earnings before taxation of more than NZ$340 million (£176.9 million) in the financial year ending June, lower than its initial expectations due to higher oil prices, problems with Rolls-Royce Holdings PLC engines and weaker demand.

(Reporting by Jamie Freed; Editing by Himani Sarkar)

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