Ann: OFFICE: AIR: Air New Zealand CEO Resignation

• Release Date: 31/01/12 12:05
• Summary: OFFICE: AIR: Air New Zealand CEO Resignation
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AIR
31/01/2012 10:05
OFFICE

REL: 1005 HRS Air New Zealand Limited (NS)

OFFICE: AIR: Air New Zealand CEO Resignation

Air New Zealand will have a new Chief Executive Officer in 2013.

Chairman John Palmer says Chief Executive Officer Rob Fyfe this morning
confirmed this will be his last year at the helm of the National carrier.

"Rob has been - and continues to be - an outstanding Chief Executive Officer
with the full support of the Air New Zealand Board.  He has ensured that Air
New Zealand has remained profitable despite the backdrop of turbulent
economic times that have seen airlines lose billions globally. Alongside
this Air New Zealand's innovations, high customer satisfaction ratings and
culture have become the envy of airlines around the world.  Rob's leadership
skills have also been acknowledged internationally with his current
chairmanship of the Star Alliance and his continuing role as a member of the
IATA Board," Mr Palmer says.

"When appointed to the role of Chief Executive Officer, Rob gave a commitment
to the Board that he would remain until 2012. The Board respects that as a
world class Chief Executive Officer Rob wants to continue to challenge
himself and explore new opportunities. He has also been clear with the Board
that he did not want to become a road block to the career aspirations of the
executive management team and the decision to leave at the end of this year
will create an opportunity for growth and renewal within that team at Air New
Zealand," Mr Palmer says.

"We would expect significant international interest in the role and believe
there are some very strong candidates from within Air New Zealand's existing
executive management team.  There is no fixed time for when the decision will
be made on the appointment of Air New Zealand's next Chief Executive Officer
but a normal period would be roughly six months."

Mr Fyfe says his decision to leave Air New Zealand on 31 December 2012
coincides with the end of his term as Chairman of Star Alliance and will also
see him complete four years as a Board member of the International Air
Transport Association.

"After almost a decade at Air New Zealand, I am an Air New Zealander to the
core and I live and breathe Air New Zealand every day. At the same time I'm
very conscious that I am surrounded by many very talented and capable
executives and if they are to grow and realise their full potential I have to
create the space to allow them to do so," he says.

"When I was appointed to the role of Chief Executive Officer back in 2005,
Air New Zealand faced some extremely significant challenges as we set about
reinvesting in our business, enhancing our competitiveness and regaining our
world-class reputation.  While many of the challenges were evident at the
outset, many unexpected hurdles also emerged.  That is the nature of the
aviation industry, and I continue to be proud of how Air New Zealanders rally
around to support each other during difficult times.

"I committed to the Air New Zealand Board that I would not look to leave
until I was confident that I had a strong team around me and the Board was in
a position to attract significant interest from global candidates alongside
very strong internal candidates for the role of Chief Executive Officer.  I
also committed that I would not leave until the airline had a world class
reputation, a strong balance sheet and a clear strategy for the future.  I
will be working hard as Chief Executive Officer for the remainder of the year
to deliver on this commitment and to improve the financial performance of the
business.  I am not prepared to see the tough global economic environment
used as an excuse for falling short of the return we should be delivering
shareholders.  I want to leave Air New Zealand with the confidence that we
have the pathway to sustainable strong growth to support the New Zealand
economy."

Mr Fyfe says the executive management team has been working on a suite of
initiatives to seize some exciting new opportunities and address the
challenges Air New Zealand faces.

"Underpinning Air New Zealand's success over the past decade has been having
the confidence to run against the tide and move nimbly to make key decisions
to shape the business for the future.  It's that spirit and attitude that
will come to the fore again this year."
Ends
End CA:00219010 For:AIR    Type:OFFICE     Time:2012-01-31 10:05:55