It is with some regret that I have made the decision to resign from my position as Managing Director and Chief Executive of Air New Zealand, and instead take up the role of Managing Director and Chief Executive of the Commonwealth Bank of Australia.

I have enjoyed outstanding support from the Air New Zealand board, and great commitment from the management team at Air New Zealand, a team that has worked tirelessly to rebuild the airline into a world class carrier.

On becoming CEO I set myself "must achieve" goals during my three-year tenure. They were to leave the airline in a financially sound position, roll out a sound strategic blueprint covering short-haul and long-haul operations and build a senior management team that is second to none.

It was not my intention to be CEO of Air New Zealand over the long term. Rather, I saw my challenge as getting the airline back on track to being a world class operation, and then handing over to a new generation of leader.

This has been achieved, and now is the appropriate time for a new leader to take the helm and develop the strategies that will take Air New Zealand through to the end of the decade.

With the opportunity to become CEO of the Commonwealth Bank coinciding with the near completion of the strategic repositioning of Air New Zealand, I found the new challenge presented to me to be irresistible.

So my regret at leaving Air New Zealand is balanced by a sense of anticipation in relation to the Commonwealth Bank role.

The Commonwealth Bank has grown into one of Australia's most significant publicly listed companies, and it too is at the point where it must start to develop the strategies that will take it forward to a higher plateau.

It is also a bank with which I am very familiar through my previous employment with ASB Bank.


Ends

Issued by Air New Zealand Public Affairs - phone +64 9 336 2761

NOTE: The content of all Air New Zealand media releases are accurate at the time of issue, as stated at the top of each release. For updates on any changes, please contact Air New Zealand.

Air New Zealand is proud to be a member of Star Alliance. The Star Alliance network was established in 1997 as the first truly global airline alliance to offer worldwide reach, recognition and seamless service to the international traveller. Its acceptance by the market has been recognised by numerous awards, including the Air Transport World Market Leadership Award, Best Airline Alliance by both Business Traveller Magazine and Skytrax. The member airlines are: Adria Airways, Air Canada, Air China, Air New Zealand, ANA, Asiana Airlines, Austrian, Blue1, bmi, Continental Airlines, Croatia Airlines, EGYPTAIR, LOT Polish Airlines, Lufthansa, Scandinavian Airlines, Shanghai Airlines, Singapore Airlines, South African Airways, Spanair, SWISS, TAP Portugal, Turkish Airlines, THAI, United and US Airways. Aegean Airlines, Air India, Brussels Airlines and TAM have been announced as future members. Overall, the Star Alliance network offers 19,500 daily flights to 1,071 airports in 171 countries.

For more information about Air New Zealand visit www.airnewzealand.com and for more information about Star Alliance visit www.staralliance.com.