Air New Zealand’s CEO to step down this year

Air New Zealand (NZ) CEO Rob Fyfe plans to step down by the end of 2012, it was widely reported by New Zealand media Monday.

The New Zealand Herald quoted a statement from Fyfe saying that his decision was made partly to create the space for the airline’s talented and capable executives to realize their full potential. 

Fyfe, who has been NZ CEO since 2005, is credited with introducing many of the changes that transformed the airline.

Chairman John Palmer was quoted as saying that Fyfe had been an outstanding chief executive officer and had the full support of the NZ board.

"He has ensured that Air New Zealand has remained profitable despite the backdrop of turbulent economic times that have seen airlines lose billions globally."

"The board respects that as a world class chief executive officer Rob wants to continue to challenge himself and explore new opportunities,” Palmer said.

The search for a Fyfe’s successor is expected to take about six months.