Business

Jun 29, 2018

Qantas splashes in the shallow gene pool of Australian business

Business leaders who preside over the trashing of billions in shareholder value are what passes for the elite on Australian boards.

Glenn Dyer and Bernard Keane

Crikey business and media commentator / Politics editor

What will Richard Goyder, incoming chair of Qantas, bring to the airline? He joined the board late last year after more than a decade at Wesfarmers and will replace industrial relations warrior Leigh Clifford in the chairmanship in October.

Let's run the ruler over his performance at Wesfarmers. There, Goyder helped destroy more than $4 billion of value. There was exorbitant $22 billion purchase of Coles in 2007 that required another $8 billion odd of investment. There was the $1.2 billion Homebase debacle in the UK, around $2 billion in losses, impairments and sackings at Target, not to mention $800-odd million at the now sold off Curragh coal mine in Queensland. This is apparently what passes for the business elite in Australia.

Free Trial

You've hit members-only content.

Sign up for a FREE 21-day trial to keep reading and get the best of Crikey straight to your inbox

By starting a free trial, you agree to accept Crikey’s terms and conditions

8 comments

Join the conversation

The Crikey comment section is members-only content. Please login or sign up for a FREE trial to engage in the commentary.

Share this article with a friend

Just fill out the fields below and we'll send your friend a link to this article along with a message from you.

Your details

Your friend's details

Sending...