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Virgin Blue Announces John Borghetti New CEO
Tuesday 2 March 2010: The Board of Virgin Blue Holdings Limited (VBA) today announced that it had appointed John Borghetti as the company’s new Chief Executive Officer and Managing Director, effective May 8, 2010.
Chairman Neil Chatfield said: “We are delighted to have John join us. He is a highly regarded executive with deep aviation experience and insights; proven strategic capabilities and; strong marketing credentials. Nobody knows the market better and he is passionate about the aviation business.
Current Virgin Blue CEO and co-founder of the company, Brett Godfrey announced in July 2009 his intention to step down from the leadership role this year.
“With the company poised to move to its next level, John is the right person to now lead Virgin Blue through that new phase of evolution,” Mr Chatfield said.
Mr Borghetti said he feels privileged to have been selected as the new leader of Virgin Blue.
“It’s a great business with a great team and great culture – you can feel the energy in the people and the brand. The company is in good shape and is exceptionally well placed to build on its strengths and embrace revenue growth opportunities ahead. I look forward to working with the team to create an even more competitive environment for air travellers – domestic and international,” he said.
Mr Chatfield said Mr Godfrey has done an excellent job over the last 10 years.
“Today, Virgin Blue has a credible market position with a solid balance sheet and has the scale and momentum for further growth, despite the enormous challenges faced by the industry in recent years. Brett has been an inspirational leader to the Virgin Blue team and we sincerely thank him for his extraordinary dedication and talent. We also appreciate that he has agreed to be available to work with John to ensure a smooth transition.”
Commenting on Mr Borghetti’s appointment, Mr Godfrey said: "I look forward to welcoming John and introducing him into the business. John has a proven track record in the aviation sector. He comes with enormous knowledge and experience. Importantly, I know he respects the Virgin Blue team and its culture.“His understanding and participation in both the low cost and full service segments, has him uniquely placed to lead Virgin Blue in its next stage of development. I wish John and the brilliant team at Virgin Blue the very best and look forward to seeing the company grow and prosper in the years ahead."
While the broad terms of Mr Borghetti’s employment have been agreed, various terms of the incentive components of his remuneration are still being finalised. A further announcement will be made once terms are completed.