Tell you what, I’m glad I don’t own any Air NZ shares today. Because the chances of that airline emerging from this crisis in a strong position just took a huge knock. 

Yet another executive has walked away from his job.  This time, Revenue officer Cam Wallace. 

Which means the airline’s lost five top execs in less than six months: 

• Chief marketing and customer officer Mike Tod, 
• Chief strategy networks and alliances officer Nick Judd, 
• Chief air operations and people safety officer John Whittaker 
• Chief people officer Jodie King 

And now Cam Wallace. All in all that’s 51 years’ worth of experience at the airline, gone. There are only three executives left from a year ago. 

Right now, Cam Wallace’s aviation experience would help more than ever given the experience of the board chair and CEO.  New CEO Greg Foran is clearly a capable and clever guy but his strength is groceries.  When it comes to aviation, he has all of six months experience and is still quite clearly still learning the job. 

It’s quite clear there is concern within Air NZ’s top level managers about some of the decisions the new board chair Therese Walsh and Foran are making. 

The pair have unwisely agreed to a $900 million loan facility from the government at eyewateringly high interest rates.  They’ve been unable to convince Finance Minister Grant Robertson to let them to raise money via the markets instead. 

These decisions are setting up obstacles that are going to make it so much harder for Air NZ to come out of this crisis in competitive shape. 

What appears to have disappeared is ambition.  Sure, right now Air NZ is essentially a domestic airline.  But it shouldn’t aim to be that once the borders are open.  This is a brand that makes Kiwis proud.  We are invested in it and I think we’d all like to see that koru flying internationally as often and as far as it can. 

But there is very little sign of the company’s leaders fighting hard to put it in a position to do that, to bounce back with force once the borders are open.  Instead, they seem to have allowed cabinet to meddle in the airline’s future. 

Crisis times like these are when any businesses needs its most experienced team to guide it through.  That experience is gone. If it was ever a choice between Cam Wallace and Greg Foran, the board may have just made the wrong choice.