Foran’s resignation yesterday had some striking differences to that of Reserve Bank Governor Adrian Orr a day before.
Foran won’t leave the airline until October, and won extensive plaudits from airline chairwoman Dame Therese Walsh in yesterday’s NZX announcement.
Walsh praised Foran for his “relentless focus” which she said mitigated disruptions on customers.
Orr will walk out the door of the Reserve Bank’s headquarters on The Terrace no later than March 31, and Finance Minister Nicola Willis delivered a six-paragraph, 92-word statement about him.
“I wish him well for the future,” Willis said.
Mark Lister, Craigs Investment Partners investment director, considered the differences between Air NZ and Walmart US.
“I imagine Walmart in many ways is a more stable [company] but then again, it’s a much bigger beast. It’s like running an entire country.”
But Air NZ was one of the country’s most high-profile companies, and Foran as its CEO would have had to manage many challenges.
“It’s probably one of the harder ones, given there are so many things beyond your control.”
Lister said the airline would look far and wide for a new chief executive.
Foran was an airline outsider when he joined.
And apart from Covid and the engine issues, he has had to contend with a sluggish economy, rising levies imposed on many in the aviation sector, and the inevitable scrutiny of everything from flight attendant uniforms to new safety videos.
“He’s actually done a remarkable job over five years,” Aviation Industry Association chief executive Simon Wallace said.
“He took on an airline in what has to be the most challenging period in aviation history.”
Wallace told the Herald Foran had to lay off staff when Covid-19 arrived, then effectively bring the airline back from the dead.
“And that has been no easy feat… His tenure needs to be looked at in terms of what he’s done to keep Air New Zealand as a sustainable airline.”
For the six months to December 31, Air New Zealand’s net profit was $106 million.
An Air New Zealand spokesman yesterday said Foran would not be giving interviews right now and was at his desk, back to work.
In September, Air New Zealand’s customer satisfaction scores had improved but its reputation score, comprising feedback gathered from customers, was flat.
“Of course I want it to be better,” Foran told the Herald.
“I would say to you it has been the No 1 thing on my mind since I started. But I also recognise we’re dealing with some pretty difficult circumstances, some of which are beyond our control.”
Foran then said criticism he personally received about the airline’s service came with the territory.
“There are parts of it that I find pretty engaging, that people care so much about this business.
“And so they should, because we actually hold a special place in many Kiwis’ hearts, don’t we?”