AUCKLAND, New Zealand — Air New Zealand announced Wednesday that Chief Financial Officer Richard Thomson has resigned and will depart the national carrier on Aug. 28, prompting the airline to immediately begin searching for his successor amid ongoing operational and financial challenges.
Air New Zealand CFO Richard Thomson Resigns Effective August 2026, Airline Launches Search for Replacement AFP / Marty MELVILLE
Thomson, who rejoined Air New Zealand in March 2021 as CFO, previously held senior commercial and finance roles within the company. During his more than five years in the top finance position, he played a key role in the airline’s post-COVID recapitalization, fleet modernization efforts and navigation of volatile fuel prices and global disruptions, according to company statements.
The resignation comes at a turbulent time for Air New Zealand, New Zealand’s flag carrier, which has faced mounting pressures including rising jet fuel costs exacerbated by Middle East tensions, a reported multi-million-dollar first-half loss and the need for recent fare hikes and flight consolidations in May and June. Shares of the airline fell more than 2 percent in early trading following the announcement.
In a statement to the New Zealand Exchange, Air New Zealand said it has commenced a formal search for a new chief financial officer and will provide further updates once the process is complete. The airline emphasized that Thomson’s departure is not linked to any performance issues and expressed gratitude for his contributions.
“Richard has made a significant contribution during a challenging period for the aviation industry,” the company noted. “We thank him for his leadership in finance, investor relations and corporate strategy and wish him well in his future endeavors.”
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Thomson’s exit marks the latest change in Air New Zealand’s executive ranks. The airline has undergone several leadership adjustments in recent months, including shifts in operations roles earlier in 2026. Chief Executive Officer Nikhil Ravishankar, who took the helm in late 2025, now faces the task of stabilizing the finance function while steering the carrier through economic headwinds.
Aviation analysts described the timing as noteworthy but not entirely surprising given the demanding nature of the CFO role in a capital-intensive industry like airlines. Thomson oversaw critical financial maneuvers during the pandemic recovery, including equity raises and debt management that helped keep the airline afloat when international borders were closed and domestic travel was severely restricted.
Since resuming full operations, Air New Zealand has battled persistent cost pressures. Jet fuel remains a major expense, and disruptions from geopolitical events — particularly strains around the Strait of Hormuz — have driven up prices and forced route adjustments. The carrier recently warned of higher fares and reduced capacity on certain domestic and trans-Tasman routes to offset these costs.
Industry observers point out that airlines globally are grappling with similar issues. Fuel hedging strategies, fleet efficiency and revenue management have become even more critical as passenger demand rebounds unevenly and competition intensifies from low-cost carriers and international rivals.
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Air New Zealand’s financial performance has shown signs of strain. The company reported a first-half loss in recent updates, citing elevated fuel prices and softer demand in some segments. Despite this, the airline has maintained its commitment to sustainability goals, including investment in more fuel-efficient aircraft and exploration of sustainable aviation fuels.
Thomson’s background includes a Bachelor of Commerce and Bachelor of Law from the University of Canterbury. His deep institutional knowledge of Air New Zealand, spanning multiple stints, made him a steady hand during crises. His departure will leave a gap in corporate memory at a time when the board and CEO are focused on long-term strategic planning.
The search for a new CFO is expected to attract strong interest from both domestic and international candidates with experience in aviation, transportation or capital-intensive sectors. Key qualifications will likely include expertise in financial planning, risk management, investor communications and navigating regulatory environments in New Zealand and key markets like Australia, the Pacific Islands and Asia.
Air New Zealand operates a fleet serving domestic routes, trans-Tasman flights to Australia, and long-haul services to Asia, the United States and Pacific destinations. The CFO plays a pivotal role in capital allocation decisions, including aircraft purchases or leases, which can run into hundreds of millions of dollars.
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Market reaction was muted but negative initially, with shares trading down around 2.2 percent on the NZX. Broader New Zealand shares remained relatively flat, reflecting limited immediate contagion from the news. Analysts suggested investors are more focused on quarterly operational updates and the broader economic outlook for tourism-dependent New Zealand.
The resignation highlights the high turnover sometimes seen in senior airline executive roles due to the cyclical and volatile nature of the business. Previous CFO changes at Air New Zealand and peer carriers have often coincided with strategic shifts or recovery phases.
As the airline moves forward, leadership stability will be crucial. Ravishankar has emphasized building resilience through cost control, network optimization and customer experience improvements. The incoming CFO will need to align closely with these priorities while managing shareholder expectations and potential future capital needs.
Air New Zealand has positioned itself as a leader in sustainable aviation in the region, with ambitions to reduce emissions and support New Zealand’s climate goals. Financial oversight of these initiatives, including potential investments in new technology, will fall to the next finance chief.
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Thomson is expected to remain in the role until late August, providing continuity during the transition. The company said it will ensure a smooth handover and that day-to-day operations remain unaffected.
The announcement arrives as the global aviation industry continues its post-pandemic normalization. Passenger numbers have recovered strongly in many markets, but profitability remains elusive for many carriers due to supply chain issues, labor shortages and geopolitical risks.
For Air New Zealand specifically, domestic and short-haul routes have shown resilience, while long-haul international services face stiffer competition and higher fuel exposure. Tourism from key source markets like Australia, China and the United States remains vital to the carrier’s revenue.
Industry experts expect the CFO search to conclude within several months. In the interim, the existing finance team will continue executing current strategies under CEO direction.
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The development underscores the challenges facing national carriers in smaller markets. Air New Zealand plays a critical role in connecting New Zealand to the world, supporting trade, tourism and family ties across the Pacific. Maintaining financial health is essential not only for shareholders but for the broader economy.
As the search begins, speculation may arise about whether the new CFO will come from within the aviation sector or bring fresh perspectives from other industries. Past appointments at similar airlines have mixed internal promotions with external hires to balance continuity and innovation.
Air New Zealand’s board has not commented further on the reasons behind Thomson’s decision, describing it as a personal career move. Such transitions are common in corporate life and do not necessarily signal deeper issues.
Looking ahead, the airline’s next earnings report and any strategic updates will be closely watched. Investors will seek reassurance that the leadership change will not disrupt ongoing efforts to improve profitability and competitiveness.
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For now, Air New Zealand continues its daily operations with more than 100 aircraft serving dozens of destinations. The focus remains on delivering reliable service while addressing cost pressures and positioning for sustainable growth.
Thomson’s tenure spanned a period of profound change for the airline, from pandemic-induced grounding of fleets to gradual rebuilding of international networks. His contributions to financial stability during that era were significant, even as external factors continued to test the business model.
The story of Air New Zealand’s CFO transition adds to a broader narrative of executive movements in the aviation sector as companies adapt to a new normal. Whether this change signals a strategic pivot or simply a natural evolution remains to be seen as the search for a successor unfolds.
Britain’s bond market delivered its sharpest rebuke yet to Sir Keir Starmer’s premiership on Tuesday, with 30-year gilt yields climbing to their highest level this century as the prime minister stared down a growing chorus of Labour MPs demanding he step aside.
The sell-off, which dragged sterling and equities lower in lockstep, wiped out the relief rally that followed Starmer’s defiant intervention last week. Tuesday’s cabinet meeting, at which the prime minister once again refused to countenance resignation, did little to settle nerves. Investors are now openly pricing in the prospect of a leftward lurch in Labour policy, with the attendant risks of looser fiscal rules, higher gilt issuance and a further squeeze on the cost of capital for British business.
For the country’s 5.5 million small and medium-sized enterprises, the implications are far from academic. Higher long-dated gilt yields feed directly into the swap rates that underpin commercial lending, business mortgages and asset finance, raising the prospect of yet another leg up in the borrowing costs faced by Britain’s corporate backbone at a time when many are still nursing the legacy of post-pandemic debt.
The 30-year gilt yield rose 13 basis points to 5.81 per cent, the highest since May 1998. The benchmark 10-year yield gained 10 basis points to 5.1 per cent, within a whisker of breaching the post-2008 peak it set earlier this month. Bond prices move inversely to yields.
“A new Labour leader may face pressure to ease the fiscal rules and raise gilt issuance,” warned Jim Reid, analyst at Deutsche Bank, capturing the City’s central concern that any successor would lean towards higher spending and heavier taxation of the very businesses the Treasury is counting on to drive growth.
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Sterling’s slide alongside government bonds will draw uncomfortable parallels with the dark days of Liz Truss’s mini-budget. When a currency weakens in concert with rising borrowing costs, it is the trading pattern of an emerging market that has lost the confidence of foreign capital, not that of a G7 economy. The pound fell 0.64 per cent against the dollar to a two-week low of $1.352, and shed 0.21 per cent against the euro to €1.152, its weakest since mid-April.
Some of the pressure is undeniably imported. Bunds, OATs and BTPs all sold off as President Trump declared the Iran ceasefire was “on life support”, sending Brent crude up 2.8 per cent to $107.17 a barrel and reigniting inflation fears across advanced economies. The Strait of Hormuz, through which a fifth of global oil and gas once flowed, remains largely shut. Germany’s Dax bore the brunt of the European sell-off, falling more than 1 per cent. But gilts underperformed by a substantial margin, marking out Westminster’s political turmoil as a uniquely British risk premium.
Mohit Kumar, chief European economist at Jefferies, urged clients to short sterling, arguing any change in the composition of government “would likely be left-leaning”. Anthony Willis, senior economist at Columbia Threadneedle Investments, cautioned that the bond market was unlikely to settle “until greater clarity emerges”.
Equities followed suit. The FTSE 100 surrendered 0.3 per cent having opened the week with a 0.4 per cent gain, while the more domestically focused FTSE 250 dropped 211 points, or 0.9 per cent, extending its losing streak to a second day. Mid-cap stocks, dominated by UK-facing businesses, are the clearest read on how the City judges Britain’s economic prospects.
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The grim verdict from Andrew Goodwin, chief UK economist at Oxford Economics, is that there is little prospect of meaningful relief. He expects 10-year borrowing costs to remain stuck above 5 per cent for the remainder of the year, regardless of who occupies Number 10. “Markets clearly perceive the UK has a bigger inflation problem and that tighter monetary policy will be needed to limit second-round effects from the energy shock, while political uncertainty has added to pressures at the long end,” he said.
Even were Starmer to dig in, Goodwin argued, the bond market would have little to celebrate, with the prime minister’s “attempts to regain popularity, or, more likely, from a successor implementing more costly left-wing economic policies” weighing on sentiment. “If Starmer sets out a timetable to stand down, the uncertainty premium will persist.”
For owner-managers already navigating a punishing cost base, a softening consumer and the fallout from this spring’s National Insurance changes, the message from the bond vigilantes is unambiguous: brace for borrowing to stay dear, and for political risk to remain firmly on the balance sheet.
Jamie Young
Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.
Novo Nordisk CEO Mike Doustdar details the company’s Amazon partnership, benefits of Ozempic beyond weight loss and more on ‘The Claman Countdown.’
Amazon is rolling out 30-minute delivery across dozens of U.S. cities, marking its fastest shipping option yet as the retail giant continues to accelerate its push into ultra-fast fulfillment.
The new service, called Amazon Now, will deliver thousands of items — including groceries, household essentials and electronics — to customers’ doors in about 30 minutes.
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The offering is now available in Seattle, Philadelphia, Dallas-Fort Worth and Atlanta, and is expanding to additional markets such as Austin, Denver, Houston, Minneapolis, Orlando, Oklahoma City and Phoenix.
“Amazon Now is for when you need or want the convenience of getting your Amazon order delivered in 30 minutes or less,” Udit Madan, senior vice president of Amazon Worldwide Operations, said in a statement. “With thousands of items available for ultra-fast delivery, you can get everything from groceries for dinner, to AirPods before a flight, to household essentials like laundry detergent or toothpaste delivered right to your door.
A worker near packages in an Amazon delivery vehicle in San Francisco on Monday, Feb. 2, 2026. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
“Amazon Now complements Amazon’s existing fast-delivery offerings, including 1-hour and 3-hour delivery on more than 90,000 products and Same-Day Delivery on millions of items,” Madan added.
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Amazon said the new service relies on a network of smaller fulfillment sites located closer to customers, allowing for faster delivery times and shorter travel distances for drivers.
Prime members will pay $3.99 per order for the service, while non-members will pay $13.99. Additional fees will apply for smaller orders, including $1.99 for Prime members and $3.99 for non-Prime members for orders under $15.
Amazon’s new MK30 Prime Air drone is displayed during Amazon’s “Delivering the Future” event at the company’s BFI1 Fulfillment Center, Robotics Research and Development Hub in Sumner, Washington on October 18, 2023. (Jason Redmond/AFP via Getty Images / Getty Images)
“Amazon Now uses a network of smaller locations designed for efficient order fulfillment, strategically placed close to where customers live and work,” Amazon said. “This approach prioritizes the safety of employees picking and packing orders, reduces the distance delivery partners need to travel, and enables faster delivery times for customers.”
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Amazon plans to expand the service to tens of millions of customers by the end of 2026.
Amazon is investing $4 billion to expand Prime delivery services to rural America. (Amazon / Fox News)
The rollout comes as Amazon continues to invest heavily in speeding up deliveries, reporting that U.S. Prime members received more than 8 billion items the same or next day in 2025 — a more than 30% increase from the previous year.
The new offering adds to Amazon’s broader delivery network, which includes Prime Air drone delivery, offering sub-60-minute service in select U.S. locations, as well as one-hour, three-hour and same-day delivery options across thousands of cities and towns.
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Amazon said 2025 marked its third consecutive year of record-fast delivery speeds, with more than 13 billion items arriving the same or next day globally. In the U.S., Prime members received over 8 billion of those shipments — up more than 30% year over year — with groceries and everyday essentials making up about half.
The company said Prime members have access to free shipping on more than 300 million items, and saved an average of $550 on fast delivery last year — nearly four times the cost of a membership.
Mr Moulton and GM&C Life Sciences Fund join £4.3m funding round
Infex Therapeutics has secured £4.3m in funding(Image: Infex Therapeutics)
Venture capitalist Jon Moulton has backed a biotech firm that’s looking to tackle the “critical global threat” of infections that are resistant to antibiotics.
Infex Therapeutics, of Alderley Edge, has secured £4.3m in a funding round led by Mr Moulton alongside the GM&C Life Sciences Fund, managed by Catapult Ventures, and existing high net worth investors.
The company will use the funding to develop its pipeline of new anti-infectives targeting antimicrobial resistance (AMR) and other “critical-priority infectious diseases”.
Dr Peter Jackson, CEO of Infex Therapeutics, said: “We are delighted to secure this investment led by Jon Moulton, with support from the Greater Manchester and Cheshire Lifescience Investment Fund and our existing investors.
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“This funding represents strong validation of our progress in developing novel anti-infectives to address the critical global threat of antimicrobial resistance.”
Jon Moulton, founder of Better Capital and now chair of Infex Therapeutics, said: “We have supported Infex from the beginning and continue to be impressed by the company’s scientific progress and strategic execution.”
He highlighted Infex’s lead programme RESP-X, which is being trialled as a therapy for non-cystic fibrosis bronchiectasis (NCFB) patients.
And he said: ”This additional investment reflects our strong conviction in both the team and its innovative approach to tackling antimicrobial resistance.
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Nick Wright, CEO of Catapult Ventures which manages the GM&C Life Sciences Fund, said: “Infex Therapeutics has made excellent scientific progress since we first invested several years ago. The company has clearly established itself as a world leader in the AMR and related space and the data it is generating is very compelling.”
Gatestone Institute senior fellow Gordon Chang joins ‘Mornings with Maria’ to break down President Donald Trump’s Beijing trip, Iran tensions, and rising concerns over China’s economy and surveillance-linked EVs.
President Donald Trump is slated to visit China this week, and according to a White House official, business figures including Elon Musk, Apple CEO Tim Cook and more than a dozen others will travel to China with the U.S. delegation.
Blackrock CEO Larry Fink, Boeing CEO Kelly Ortberg, and Goldman Sachs CEO David Solomon are some of the other figures listed.
Elon Musk, chief executive officer of Tesla Inc., left, and Larry Fink, chief executive officer of BlackRock Inc., during the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 22, 2026. (Krisztian Bocsi/Bloomberg via Getty Images / Getty Images)
Others on the list provided by the White House official include Blackstone Chairman, CEO and co-founder Stephen Schwarzman, Cargill Board Chair and CEO Brian Sikes, Citi Board Chair and CEO Jane Fraser, Coherent CEO Jim Anderson, GE Aerospace chairman and CEO H. Lawrence Culp, Jr., Illumina CEO Jacob Thaysen, Mastercard CEO Michael Miebach, Meta President and Vice Chairman Dina Powell McCormick, Micron Chairman, President and CEO Sanjay Mehrotra, Qualcomm President and CEO Cristiano Amon and Visa CEO Ryan McInerney.
“I am very much looking forward to my trip to China, an amazing Country, with a Leader, President Xi, respected by all,” Trump declared in a Monday Truth Social post.
Apple CEO Tim Cook (R) shakes hands with U.S. President Donald Trump during an event in the Oval Office of the White House on Aug. 6, 2025 in Washington, D.C. (Win McNamee/Getty Images / Getty Images)
“Great things will happen for both Countries!” he added.
President Donald Trump met with Chinese President Xi Jinping in October in South Korea, according to Reuters.
U.S. President Donald Trump greets Chinese President Xi Jinping ahead of a bilateral meeting at Gimhae Air Base on Oct. 30, 2025 in Busan, South Korea. (Andrew Harnik/Getty Images / Getty Images)
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