Feb 20 (Reuters) - Virgin Australia's Jayne Hrdlicka stepped down as chief executive on Tuesday, ahead of plans to relist Australia's second largest carrier that have been in the works since it was taken out of administration four years ago.
Hrdlicka, who was CEO for four years, led the airline when it purchased by U.S. private equity firm Bain Capital in 2020 during the COVID-19 pandemic.
In a statement, Virgin said the time was right for Hrdlicka to hand over, as the airline had returned to profitability in fiscal 2023, and had a strong first half in fiscal 2024.
"I have decided the time is right for me to signal CEO transition for this great airline and ultimately to pass the baton on," Hrdlicka said in the statement, adding that the airline is in the midst of its next phase of transformation and there was "an IPO to deliver."
Bain had said in January last year that it would explore re-listing Virgin, which it bought for A$3.5 billion including liabilities after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy.
Bain was targeting an A$1 billion listing, but the plans were delayed, Reuters reported last year.
The listing would be the largest new share sale on the Australian exchange in almost two years since GQG Partners raised A$1.18 billion in a 2021 listing.
An executive leading the IPO plans resigned in October last year.
Hrdlicka, who is also the chairman and board president of Tennis Australia, was the airline's first female chief executive.
"Her leadership was fundamental to repositioning the airline back to its roots as a value carrier, returning Virgin Australia to profitability for the first time in 11 years," Virgin Australia Chairman Ryan Cotton said.
The airline said it intends to commence a global search process for a new CEO. (Reporting by Roushni Nair in Bengaluru; Editing by Muralikumar Anantharaman and Miral Fahmy)
