Gary Toomey For The Chop ????
BUSINESS
TUESDAY, 02 OCTOBER 2001
B U S I N E S S S T O R Y
Toomey to be replaced - Australian report
02 October 2001
SYDNEY: Air New Zealand chief executive Gary Toomey is likely to be replaced this week as part of a management shake-up at the embattled airline, the Sydney Morning Herald newspaper reported today.
Sources in the airline's head office in Auckland told the newspaper that Mr Toomey and a number of executives who followed him from Qantas to Air New Zealand were "on the chopping block".
The sources said Andrew Miller, considered the best of the executive team, would take over as chief executive.
Mr Toomey, who joined the airline in January after a successful stint as Qantas' chief financial officer, was appointed by the then Air New Zealand chairman Sir Selwyn Cushing.
The paper said it was understood one of the airline's major shareholders, Singapore Airlines, was not keen on the appointment.
On joining Air New Zealand, Mr Toomey brought with him a team of 15 executives.
Two former Qantas executives, Kevin Turnbull and Adam Maro, have won praise but another, George Frazis, who was in charge of strategy, was expected to go with Mr Toomey as part of the shake-up.
The executive cuts were to be announced this week along with an overall trimming of staff and operations as the airline cuts services to the United States, one of its biggest markets.
Air New Zealand shares, which were suspended on Friday, remained suspended today as the Stock Exchange's Market Surveillance Panel seeks more information about the company's financial state.