From Punch Bag to Savior: Joyce's Rise Echoes Qantas Rebirth
- Profit seen almost tripling when Qantas reports next week
- Stock has almost quadrupled since CEO Joyce's recovery plan
Alan Joyce.
Photographer: Mark Graham/BloombergThis article is for subscribers only.
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 Joyce to be sacked.