Virgin Australia has confirmed its chief executive and managing director John Borghetti is stepping down — in two years.
In a statement to the market, Virgin said Mr Borghetti would not renew his contract when it expires on January 1, 2020.
But he plans to leave before then so the company has “ample time” to recruit a new leader.
“It is a privilege to serve as CEO of the Virgin Australia Group and to lead a wonderful team of 10,000 people,” Mr Borghetti said.
“By notifying the board of my intentions now, it provides them with appropriate time to conduct a thorough recruitment process and for me to support the transition.”
Virgin has had trouble turning a profit in recent years.
It most recently posted a loss of $220 million for the full year ended June 30, 2017 — which is an improvement over its $261 million loss the previous year.
More to come.