Bain Capital-owned Virgin Australia’s Chief Development Officer David Marr, who was assigned to lead the airline’s plans for an eventual initial public offering (IPO), has stepped down from his role, a spokesperson said on Tuesday, according to media reports.
The company’s Chief Financial Officer Race Strauss will now assume management of the IPO, the spokesperson said in an emailed response to Reuters. “A significant amount of this work is now complete and while we are committed to an IPO as soon as practicable, the timing of an actual listing is dependent on capital markets conditions.”
Marr, who is also a former CFO of the airline, had moved into the newly-created role of chief development officer in March. He will remain available to Virgin in an advisory capacity through the IPO process.
Reuters earlier reported that Bain Capital had postponed IPO plans for the airline to next year. Bain was targeting an A$1 billion ($635.70 million) listing of Virgin on the Australian Securities Exchange in November.
Virgin Australia recorded a profit for the first time in 11 years for fiscal 2023, buoyed by a strong recovery in travel demand following the COVID-19 pandemic. The carrier reported a statutory net profit after tax of A$129 million ($82.93 million) for the full year ended June 30, 2023, compared with a loss of A$565.5 million in 2022. Virgin Australia now has a considerably stronger balance sheet with continued significant improvement in its cost base, CFO Race Strauss said when the earnings were released. The group revenue more than doubled to A$5 billion.