Gilligan69

I'm hearing vague rumours that this might be happening - does anyone know any more?

I'm guessing that would mean Clifford going as well.

Gee - I hope it's all true!!!!!!!

Shark Patrol

Oh God! Please let it be true!!

These b*s are destroying our company! Show them the door and makes sure it hits them on the way out!

Clipped

Being a rumour network, I'll briefly indulge with that delightful thought.

May common sense prevail.

fishers.ghost

It can only be hoped that a few on the board have realized what is being done and do not want to go down a previously trodden path.
We live in hope!!!

AWB_Clerk

It would be nice if it was true. (Not holding my breath)

Perhaps the board should try taking these if not already doing so:



AWBC

1a sound asleep

PLEASE I pray to the aviation God

dragon man

I believe that the board is split into 2 camps. Those that are worried about the trashing of the iconic brand and those that believe Jetstar is the future. A senior AIPA pilot has been talking to major shareholders and enlightening them to the airlines predicament. They are worried, in fact one was so concerned that earlier this year they reduced their shareholding substanially. The problem is that the board appointed AJ in the first place so if hes not reappointed then they have admitted that they were wrong in the first place and they should also go. Personally i would get rid of the lot of these clowns running the place. AJ three year contract runs out in November. I think hes going to roll the dice, beat the pilots and engineers gets a new contract otherwise goes down in flames and takes the airline with him.

TBM-Legend

what would a pilot know about running a business and "advising" investors...

Self interest more like it..

another superlame

Well if the board appointed him and now they feel like it was the wrong decision, then cut your losses and set him free. Do what is right for the company.

ampclamp

It will take a major calamity and backflip to let AJ go.
Does anyone think the board will do this? I would say absolutely no chance of them saying "we were wrong".
If he did go, it will be on health, family or personal reasons not matter what.
The board will not admit to mistakes.

mcgrath50

Because AJ and all the consulting firms employed by QF are advising investors how well they are doing purely for the good of the company right?

Short_Circuit

and this mornings QAN share price rockets on the mumblings ..

Keg

I wonder if this is a bit like the 777 rumours that tend to go around QF every couple of years. More half story and wishful thinking than anything concrete.

As others have mentioned, if AJ goes, Clifford's place as Chairman would be virtually untenable. Given the cosy relationship with the aircraft leasing company of which Geoff Dixon is a major player that leases aircraft to J* I don't think we'll see anything soon.

Of course, I'd be absolutely delighted should the rumour turn out to be true- as long as we weren't out of the frying pan and into the fire.

breakfastburrito

Two things, the latest DFW debacle, pilots & flight planners have been telling anyone who would listen it simply wouldn't work. Did management listen - no, not until the reality began to sink in.

Second - it has been quite interesting to have QAN_Shareholder ask questions, I do not believe he is a management troll. I intend no disrespect to QAN, but frankly the depth of knowledge about the nitty gritty & nuances of the industry could only be described as superficial at best. He seems like a smart guy, but to understand this industry requires smarts and experience within it.

However, it doesn't change the fact that to gain a deep understanding of any business you need to understand it from the ground up, clearly even senior management don't understand the "boring" bits of day to day operations.

Pilots & engineering & flight planning appear to have little or no input into the planning decisions of the airline, and it is destroying (almost past tense) the business. Self interest, you bet. AJ & crew can leave the wreckage behind & move onto the next "challenge" in five star luxury, while the employees are left on the dole queue.

Would AIPA have told the shareholders that DFW was the right sector for the 744? I doubt it, but I'm sure AJ told the shareholders it would be a real money spinner - I'm sure commercial said it would be OK.

The fact is AJ is a salesman, telling the shareholders what he knows they want to hear, selling a story. The pilots, on the other hand tell shareholders the reality, it is in their long term vested interests - surprise surprise, just like the shareholders.

The Green Goblin

There are 10 x 777 orders on the Boeing website for an unidentified customer.

Sounds like the right airframe for Qantas Asia

P.S Guess who will fill Joyces boots? Bruce Buchanon

Gilligan69

Would that be the same Bruce Buchanan chastised for fumbling with the underclothes of another passenger in first class LAX-SYD a while ago?

What a shallow pool of talent in senior Qantas Group management!!!

assasin8

Well, it's all they can do, because they'd never make it as a pilot or engineer!

Hugh Gorgen

As of Aug 2010, these were the substantial shareholders.

1. J P Morgan Nominees Australia 534,766,228 23.61
2. HSBC Custody Nominees (Australia) Limited 452,305,144 19.97
3. National Nominees Limited 376,628,160 16.63
4. Citicorp Nominees Pty Limited 225,458,109 9.95
5. ANZ Nominees Limited 65,690,854 2.90
6. Cogent Nominees Pty Limited 64,525,437 2.85
7. AMP Life Limited 33,248,291 1.47
8. Australian Reward Investment Alliance 21,516,040 0.95
9. Bond Street Custodians Limited 15,095,659 0.67

10. Queensland Investment Corporation 12,973,006 0.57

Another interesting snippet from the Annual Report.

Remuneration for the year ended 30 June 2010 – Non-Executive Directors

Short-Term Employee Benefi ts Post-Employment Benefi ts
$’000 Cash FAR
Non-Cash
Benefi ts Total
Superannuation
Travel Total Total

1

Leigh Clifford

2010 $ 611,000

Chairman 2009 $

613,000
Peter Cosgrove2,3 2010$ 252,000

Non-Executive Director 2009 $

228,000
Patricia Cross 2010 $ 309,000

Non-Executive Director 2009 $

266,000
Richard Goodmanson 2010 $ 280,000

Non-Executive Director 2009 $

224,000
Garry Hounsell4 2010 $ 303,000

Non-Executive Director 2009 $

317,000
Paul Rayner5 2010 $ 277,000

Non-Executive Director 2009 $

230,000
John Schubert 2010 $ 254,000

Non-Executive Director 2009 $

235,000
James Strong 2010 $ 231,000

Non-Executive Director 2009 $

218,000
Barbara Ward6 2010 $ 235,000

Non-Executive Director 2009 $

222,000
Total – Non-Executive Directors 2010 2,752,000

2009 2,553,000

B772

The shareholders must be getting nervous about the financial performance of QF for the last few years.

Morningstar advise the current total investment return as follows:
Over 1 Year -16.4%
Over 3 years -13.2% per year average
Over 5 Years -3.9% per year average
Over 10 years -0.5% per year average

Over the last 3.5 years the share price has dropped from $6.06 in October 2007 to a low of $1.38 in March 2009. They are currently finding support just over $2.00.

Since Clifford and Joyce have been at the helm the financial performance has been a disaster with long term investors sseing their returns wiped out. The index stocks show an average return of 9.1% per year average over 10 years. (BHP is 18.8% over 10 years)

History suggests the performance of a company is a reflection of its management. QF has been sadly lacking since Dixon was appointed.

Cactusjack

Clifford must be close to bailing then, maybe 12 - 18 months ? He usually puts a cannon ball through anything he touches and then does a runner leaving a trail of destruction behind. (but not before pocketing quite a few million in the short term).
Tick tock......