Gary Toomey Leaves Air New Zealand

Air New Zealand's President and Chief Executive Gary Toomey is to leave his position with the airline by mutual agreement between the Board of Air New Zealand and Mr Toomey.

His departure from the company was announced today in a joint statement by Mr Toomey and the Acting Chairman of Air New Zealand, Dr Jim Farmer.

"It is a sad moment for us, but we agree the circumstances in which the company finds itself are quite different from the Australasian airline group that attracted Mr Toomey to join us at the beginning of the year", said Dr Farmer.

"He has encountered a set of problems that were not of his making and has worked relentlessly to find answers to them. We have no criticism to make of him - or the management team he led - for what has happened and wish him well wherever he goes now," he said.

Although Gary was never a director of either Ansett Holdings or Air New Zealand, he has personally borne the brunt of Australian anger arising out of the Ansett closure and he deserves every sympathy and consideration for that fact," Dr Farmer continued.

"The terms of a settlement which has been agreed under the agreement are confidential as between Gary and the company," Dr Farmer said, "but they are consistent with his contractual entitlements and benefits."

"I believe that the Board's decision to place Ansett in voluntary administration means that the future Air New Zealand must set its sights on different goals from the ones that drew me to the Company, Mr Toomey said. "I think it is appropriate for me to move aside, take a break with my family, and consider some of the options open to me."

"I deeply appreciate the literally hundreds of cards and messages I have received from staff and supporters during the difficult times that the Group has gone through over the year. I also wish to thank the management team for their work in responding to the problems the company has experienced. On behalf of myself, my wife Denise and our daughter Brooke, I wish the company every success in its new form," Mr Toomey said.

Dr Farmer announced that Mr Roger France, a newly-appointed director of Air New Zealand, would act as an Executive Director of the company until a new Chief Executive is identified and appointed.

Mr France is an Auckland chartered accountant, who recently retired as a senior partner in PricewaterhouseCoopers. He was formerly the managing partner in the Auckland office of Coopers & Lybrand, a predecessor firm to PricewaterhouseCoopers.