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Key execs depart Air NZ as airline announces share buy back

written by WOFA | September 28, 2012

Air New Zealand has announced a share buy back plan.

Two key executives are departing Air New Zealand as the airline reshapes its management team ahead of the departure of CEO Rob Fyfe at the end of the year.

Head of people and technical operations chief Vanessa Stoddart is leaving after 10 years with the airline, while Glen Sowry, general manager – operations is also leaving after a 10 year career with the company, having been appointed CEO of Housing New Zealand Corporation.

The key departures comes as Christopher Luxon prepares to take the reins as CEO of the airline from January, replacing Rob Fyfe, who announced his departure from the airline in June.

The changes were announced ahead of Air New Zealand’s annual general meeting on September 28, where the airline announced a share buy back. Through to September 2013 the airline will buy back three per cent of its stock on the New Zealand and Australian stock exchanges. Cornerstone shareholder the New Zealand government, which holds 73.09 per cent of Air New Zealand’s ordinary shares, is not participating as a seller into the share buyback, which means its stake in the airline will increase to 75 per cent.

“The Air New Zealand Board has decided to undertake the share buy back as it believes that the current share price does not fairly reflect the underlying value of Air New Zealand’s shares,” the airline said in a statement.


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