View Full Version : QF CFO resigns

2nd Mar 2010, 03:45
SYDNEY, 2 March 2010: The Chairman of Qantas Airways Limited, Mr Leigh Clifford, and the Chief Executive Officer, Mr Alan Joyce, announced today that Qantas’ Chief Financial Officer, Mr Colin Storrie, intends stepping down and resigning from the Board in order to spend time with his family for
personal and health reasons.

Mr Clifford said Mr Storrie’s resignation would take final effect from 5 March and that the Board had agreed to succession arrangements proposed by Mr Joyce. Qantas will consider internal and external candidates to replace Mr Storrie, and has engaged advisers to assist.

Mr Joyce said Qantas has appointed Mr Gareth Evans as Acting Group Executive Finance for the Qantas Group until a permanent replacement for Mr Storrie is selected. Mr Evans is currently CFO of Qantas airline.

Mr Clifford and Mr Joyce praised Mr Storrie for his work as CFO in steering the company through the global financial crisis, and before that as Deputy CFO and Group Treasurer.

“Colin Storrie has contributed greatly to Qantas maintaining a strong financial position during his time as CFO and before that as Deputy CFO. During his time as CFO, Qantas was able to remain in profit as it weathered the global financial crisis. We are sad to see him go,” Mr Clifford said.

Qantas’ CEO supported Mr Clifford’s comments.
“Colin Storrie has been right by my side since I became CEO and his work as CFO has been fundamental to the airline’s current financial strength,” said Mr Joyce.
“This has been a hard decision for him to take, but I am pleased we still have access to his expertise during the transition to a new CFO.”
“Thanks to Colin, Qantas has come through the GFC with a very strong cash balance, an investment grade credit rating and has been able make real progress on unit costs while undertaking major capacity reductions.
“I understand why Colin has decided to spend more time with his family, but we will miss working with him and wish him well as his health recovers fully.”
Commenting on his resignation, Mr Storrie said: “Alan is an excellent Chief Executive and we’ve had a good working relationship over the years. I have reluctantly made this decision, however, I believe that Qantas is in good hands.

Issued by Qantas Corporate Communication (Q4029)

Source: ASX (http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01043178)

Interesting timing, perhaps a spot of gardening leave. I wonder what his next career step could be? http://smileys.on-my-web.com/repository/Winks/icon_wink.gif

2nd Mar 2010, 04:53
CFO @ virgin?????

2nd Mar 2010, 05:12
It's a bit more serious than gardening leave.

Mstr Caution
2nd Mar 2010, 05:16
Video: Colin Storrie speaks with Stuart Cameron........released 1st March 2010.

Of course, no mention of moving on. But does love a challenge & likes to get thrown into the deep end.

Video - CFO Masters: Colin Storrie - The Sydney Morning Herald (http://media.smh.com.au/cfo-masters-colin-storrie-1182849.html)

Sounds like Kegs got some inside info though.

stubby jumbo
2nd Mar 2010, 06:34
....this will be just the beginning of the exodus of the remaining Senior Exec's of the Dixon regime.

Qantas has effectively been disembowelled-since Jan 2009 of all Talent in the Senior Management ranks.

The only ones left are the flotsam grabbers-swimming in the white water !

Clifford's job is now complete. Orange shirts rule.

They will have to place new decals on the side of all Qantas aircraft.


2nd Mar 2010, 06:43
Storrie joining Borghetti at VB.....priceless
Thirty years ago there were two breweries in NSW: Tooths and Tooheys
All the young turks from Tooths were pushed out and guess where they ended up?Tooheys morphed and the brand is still around.Tooths has just disappeared from the stock exchange.
The same may happen with Qantas and Virgin.
Both would be/were the result of stupidity
This may just be the beginning of an Exodus from Qantas

2nd Mar 2010, 09:38
good call direct
expedited exit usually means underlying issues
orange is definately the new black

2nd Mar 2010, 09:47
Maybe he couldn't cope anymore with the unique QF group accounting standards which see JQ make all the money and mainline take all the blame....

Mud Skipper
30th Mar 2011, 22:01
Sorry to drag up an old post but it's interesting to see Colin Storrie has gone on with life after he resigned from CFO Qantas and he is now with AMP. Always happy to hear people getting back on their feet but too often the line spend time with his family for personal and health reasons means either someone is pushed, simply could not continue working under the conditions and or did not want to be associated with what the job entailed.

Under examination, would anyone want to be the bunny explaining and justifying the company books if they are somewhat deceptive in what group costs are proportioned as is suspected with Mainline and Jetstar. Wonder how well the current CFO is sleeping on this issue, in time it will come out as sure as HIH and Onetel if there is anything to these suspicions.

Indeed Kelpie, I think this would be an interesting person to have questioning.

30th Mar 2011, 23:07
Wasn't the leprechaun asked this very question at the last Town Hall meeting, ref cost transference between Qantas and Jetstar?

The response, the books are audited ,therefore all must be above board,surely?

Obviously he hasn't heard about HIH,Onetel,etc.:cool:

30th Mar 2011, 23:21
The former CFO had an illness that was life threatening, and there was a real chance it could have killed him. That is why he resigned.

To try and relate it to anything of an industrial nature or his personal feelings towards the was Qantas was being run is one of the most offensive statements ever posted on this site.

31st Mar 2011, 05:24
Metrosmoker is correct. Storie left due to a legitimate health issue. He was also well liked, a fairly straight shooter yet well tempered and approachable, and he is a loss to the organisation. And you never know, maybe he indeed did not like the direction the place was taking etc, but we may have to wait for his memoirs or an interview some day on Australian Story to find out. But certainly he was not pushed.

The Kelpie
31st Mar 2011, 05:28
Not because he realises they have got a massive tax problem in relation to overseas crew??

31st Mar 2011, 05:44
Common guys please leave this alone as it is obviously not relevant.