Qantas welcomes Doug Parker to the board as profits roll in

qantas

Qantas has announced changes to its board as it forecasts a record underlying pre-tax profit of up to $2.48 billion in the 2023 financial year.

Doug Parker, former CEO and chairman of American Airlines, will replace long serving Qantas director Michael L’Estrange, who will retire in November.

“There are few people with as much experience running airlines as Doug. He’s spent more than two decades as an airline CEO in North America, including eight years heading up the world’s largest airline,” Qantas chairman Richard Goyder said.

“The knowledge and perspective he’ll bring to the Board will be a huge asset as we grow in the years ahead.”

Parker said Qantas has always been “one of the world’s great airlines” and was in a strong position post pandemic.

“I’m honoured to be joining the board at a time when there is a lot of momentum and I look forward to doing what I can to support that,” he said.

Qantas said in a quarterly update that it will spend a further $100 million in a share buyback after forecasting pre-tax profits almost $1 billion higher than its next best result in 2018.

Net debt is expected to be between $2.7 billion and $2.9 billion this financial year.