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.

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