1 00:00:00,040 --> 00:00:03,520 Speaker 1: Our national airline has a new CEO. Nicol rabis Shanka 2 00:00:03,760 --> 00:00:06,640 Speaker 1: was the New Zealand Chief Digital Officer. Refaces difficult days 3 00:00:06,640 --> 00:00:08,639 Speaker 1: a company short on planes and engines, of course, in 4 00:00:08,680 --> 00:00:12,440 Speaker 1: a reputation at times from an unforgiving public. This I 5 00:00:12,560 --> 00:00:14,920 Speaker 1: understand it is his first interview as CEO, so he's 6 00:00:14,920 --> 00:00:17,240 Speaker 1: with the s warmest congratulations on the job. Do you 7 00:00:17,600 --> 00:00:19,799 Speaker 1: or did you join the company five years ago with 8 00:00:19,840 --> 00:00:22,279 Speaker 1: a view to running it or it's happenstance? 9 00:00:22,480 --> 00:00:24,759 Speaker 2: Do you mind if I use your platform very quickly 10 00:00:24,960 --> 00:00:26,080 Speaker 2: to mention one. 11 00:00:25,960 --> 00:00:27,960 Speaker 1: Thing, Oh, here we go, we've got to sale on here. 12 00:00:29,520 --> 00:00:32,600 Speaker 2: No, a lot of our staff listened to your show, 13 00:00:33,320 --> 00:00:35,440 Speaker 2: and the last couple of days we've been dealing with 14 00:00:35,479 --> 00:00:38,040 Speaker 2: some terrible weather and today is probably the worst of it. 15 00:00:38,960 --> 00:00:41,680 Speaker 2: So just wanted to give them a shout out and 16 00:00:41,760 --> 00:00:43,920 Speaker 2: to our customers. We'll do everything to keep you guys 17 00:00:43,920 --> 00:00:47,680 Speaker 2: safe in these conditions. It's a tough business. And just 18 00:00:47,680 --> 00:00:50,280 Speaker 2: to go back to your question, No, I didn't join 19 00:00:50,680 --> 00:00:55,800 Speaker 2: too with aspirations to necessarily be CEO of film completely honestly. 20 00:00:55,640 --> 00:00:58,200 Speaker 1: What did you join by way of a company five 21 00:00:58,280 --> 00:01:00,800 Speaker 1: years ago? And what is that company look like now 22 00:01:00,800 --> 00:01:02,200 Speaker 1: that you're running it five years on. 23 00:01:03,360 --> 00:01:06,440 Speaker 2: Yeah, the call I got was to was to sort 24 00:01:06,440 --> 00:01:09,360 Speaker 2: of join the company to be part of the rebuilt program, 25 00:01:09,520 --> 00:01:12,200 Speaker 2: rebuilding the airline back out of COVID. I joined during 26 00:01:12,200 --> 00:01:17,080 Speaker 2: the second lockdown, And you know, I often describe this 27 00:01:17,200 --> 00:01:20,960 Speaker 2: to people and say, airlines were never designed with a 28 00:01:21,040 --> 00:01:24,240 Speaker 2: with an off switch. They're sort of perpetual motion machines. 29 00:01:24,280 --> 00:01:26,000 Speaker 2: You've got to keep them going all the time. And 30 00:01:26,040 --> 00:01:29,479 Speaker 2: so when we turned the airline off, basically, by and large, 31 00:01:29,920 --> 00:01:32,920 Speaker 2: turning it back on has been the most complex thing 32 00:01:32,920 --> 00:01:34,959 Speaker 2: I've done in my career. But it's also been the 33 00:01:34,959 --> 00:01:40,039 Speaker 2: most rewarding. And each time we went about the rebuild 34 00:01:40,040 --> 00:01:45,080 Speaker 2: process and where and had to deal with another crisis, 35 00:01:45,319 --> 00:01:49,440 Speaker 2: one crisis after another. You know what's been most rewarding 36 00:01:49,560 --> 00:01:53,880 Speaker 2: is our focus has been to never waste that crisis. 37 00:01:54,040 --> 00:01:56,240 Speaker 2: So we've been busy investing in the long term health 38 00:01:56,240 --> 00:02:00,160 Speaker 2: of the business, in physical infrastructure, a lot of digital work, 39 00:02:00,920 --> 00:02:01,640 Speaker 2: and in our people. 40 00:02:03,080 --> 00:02:04,640 Speaker 1: I don't even know that I want to go here, 41 00:02:04,680 --> 00:02:06,800 Speaker 1: but you talk about closing the air line down, not 42 00:02:06,920 --> 00:02:11,040 Speaker 1: everybody during COVID did close the air line down globally. 43 00:02:11,080 --> 00:02:13,960 Speaker 1: Of course, I wonder if us closing as a country, 44 00:02:13,960 --> 00:02:15,280 Speaker 1: our rear line down was a mistake. 45 00:02:16,840 --> 00:02:19,080 Speaker 2: We have taken a lot of lessons actually out of COVID, 46 00:02:19,200 --> 00:02:22,280 Speaker 2: and some of that you're seeing in our current financial performance. 47 00:02:23,280 --> 00:02:25,799 Speaker 2: In hindsight, one of the things we would have done 48 00:02:25,840 --> 00:02:29,600 Speaker 2: differently is some of these more critical, very specialized roles, 49 00:02:30,000 --> 00:02:31,840 Speaker 2: we would have held on to them for much longer. 50 00:02:32,400 --> 00:02:35,360 Speaker 2: You know, it takes six years to retrain an aircraft engineer, 51 00:02:35,440 --> 00:02:38,280 Speaker 2: for example. Once you let go of a lot of 52 00:02:38,280 --> 00:02:41,760 Speaker 2: that capacity, building it back up takes an inodinate amount 53 00:02:41,760 --> 00:02:45,120 Speaker 2: of time. That's why this time around, even though demand's 54 00:02:45,160 --> 00:02:50,760 Speaker 2: been low, we're holding much more capacity in some of 55 00:02:50,760 --> 00:02:55,079 Speaker 2: those very critical capabilities, and I think that's the right 56 00:02:55,120 --> 00:02:55,800 Speaker 2: thing to be doing. 57 00:02:55,960 --> 00:02:57,920 Speaker 1: Also, I don't know whether it was part of your 58 00:02:57,960 --> 00:03:00,400 Speaker 1: job in any way, shape or form, but the airline 59 00:03:00,440 --> 00:03:02,600 Speaker 1: went to the government of the day and got what 60 00:03:02,680 --> 00:03:04,560 Speaker 1: I seem to think was one of the worst deals 61 00:03:04,560 --> 00:03:07,600 Speaker 1: in the history of financial deals ever. And there's a 62 00:03:07,639 --> 00:03:10,120 Speaker 1: market out there for good money for aviation companies who 63 00:03:10,160 --> 00:03:11,960 Speaker 1: wanted to borrow. You guys went and borrowed from the 64 00:03:11,960 --> 00:03:14,040 Speaker 1: government and paid a price for that. Do you regret that. 65 00:03:15,560 --> 00:03:17,440 Speaker 2: It's before my time? Makee to be honest with you, 66 00:03:17,480 --> 00:03:21,160 Speaker 2: and I haven't you know, I've heard that narrative, but 67 00:03:21,560 --> 00:03:25,920 Speaker 2: there were some incredibly intelligent, capable people working this problem. 68 00:03:26,360 --> 00:03:31,560 Speaker 2: And you know, I think that narrative may be overly simplistic. 69 00:03:32,080 --> 00:03:35,920 Speaker 1: The perfect storm scenario. So you bought a series of 70 00:03:35,960 --> 00:03:39,200 Speaker 1: planes from a company that couldn't deliver your engines went wrong. 71 00:03:39,200 --> 00:03:42,040 Speaker 1: It's still an issue long term. You've got ongoing scraps 72 00:03:42,080 --> 00:03:44,960 Speaker 1: with them and you and your head COVID. I mean, 73 00:03:45,240 --> 00:03:49,160 Speaker 1: you couldn't have orchestrated a bigger calamity if you set 74 00:03:49,160 --> 00:03:50,120 Speaker 1: out to orchestraate one. 75 00:03:50,120 --> 00:03:56,040 Speaker 2: Could you tough circumstances? Yeah, you're right, But you know, 76 00:03:56,520 --> 00:03:59,720 Speaker 2: New Zealand relies on aviation quite a bit more than 77 00:03:59,720 --> 00:04:03,600 Speaker 2: most countries around the world. About fourteen to sixteen percent 78 00:04:03,600 --> 00:04:06,160 Speaker 2: of our GDP relies on it. I mean, if you 79 00:04:06,200 --> 00:04:09,240 Speaker 2: contrast that with the United States, which is a you know, 80 00:04:10,000 --> 00:04:14,320 Speaker 2: a very mature and a significant aviation market, about four 81 00:04:14,360 --> 00:04:17,520 Speaker 2: percent of their national GDP relies on it. And that's 82 00:04:17,520 --> 00:04:21,200 Speaker 2: for obvious reasons. Right, We're a fairly large, sparsely populated 83 00:04:21,560 --> 00:04:24,839 Speaker 2: country in the middle of nowhere, far away from everywhere else, 84 00:04:24,880 --> 00:04:29,000 Speaker 2: and we need the airline. So This is tough circumstances 85 00:04:29,000 --> 00:04:31,800 Speaker 2: for Air New Zealand, but it's not lost on us 86 00:04:31,800 --> 00:04:34,239 Speaker 2: that that creates a lot of strain on New Zealand, 87 00:04:35,240 --> 00:04:39,159 Speaker 2: and so we have to work damn hard to resolve 88 00:04:39,200 --> 00:04:41,200 Speaker 2: them rather than feel sorry for ourselves. 89 00:04:41,320 --> 00:04:43,560 Speaker 1: Given you are now in charge, and given what you 90 00:04:43,600 --> 00:04:46,919 Speaker 1: told the market yesterday, what state is the company? And 91 00:04:47,360 --> 00:04:48,080 Speaker 1: right now. 92 00:04:50,040 --> 00:04:52,159 Speaker 2: The company is in a fantastic state. You know. The 93 00:04:52,200 --> 00:04:56,400 Speaker 2: fundamentals of the business are in real good shape. We've 94 00:04:56,400 --> 00:04:59,440 Speaker 2: been doing a lot of work around investing in core infrastructure, 95 00:04:59,440 --> 00:05:02,520 Speaker 2: as I've mentioned to you, and it's a complex business, 96 00:05:04,200 --> 00:05:07,920 Speaker 2: like all of us. We bet on the fact that 97 00:05:08,120 --> 00:05:12,680 Speaker 2: we had bottomed out from a sort of economic standpoint 98 00:05:12,839 --> 00:05:15,240 Speaker 2: and things were coming right, and that's taken longer than 99 00:05:15,240 --> 00:05:17,440 Speaker 2: we would like. We also bet on the fact that 100 00:05:17,600 --> 00:05:20,680 Speaker 2: taking the word of our key suppliers that we have 101 00:05:20,760 --> 00:05:23,680 Speaker 2: our engines back and those both of those things are 102 00:05:23,680 --> 00:05:26,960 Speaker 2: taking a bit longer. Now. What I'm not saying, Mike, 103 00:05:27,080 --> 00:05:28,960 Speaker 2: is that we don't have work to do. You know, 104 00:05:29,000 --> 00:05:31,520 Speaker 2: there is always work to do to improve your business, 105 00:05:31,560 --> 00:05:34,400 Speaker 2: and we've got extensive plans to do that. But the 106 00:05:34,440 --> 00:05:36,800 Speaker 2: fundamentals of the business are very strong, have. 107 00:05:36,800 --> 00:05:39,600 Speaker 1: You been lit down by aeroplane supplies and engine supplies. 108 00:05:39,680 --> 00:05:41,760 Speaker 1: I mean, you know, fundamentally lit down. 109 00:05:42,320 --> 00:05:44,960 Speaker 2: They've struggled with the same things that we've had to 110 00:05:44,960 --> 00:05:48,480 Speaker 2: struggle with. Restarting the aviation system has been more complicated. 111 00:05:48,839 --> 00:05:52,960 Speaker 2: You know, your titanium suppliers are in regions where there's war, 112 00:05:53,080 --> 00:05:56,240 Speaker 2: for example. You know, you've lost your engineers because we'd 113 00:05:56,440 --> 00:06:02,400 Speaker 2: built this highly globalized network of labor and parts, and 114 00:06:02,560 --> 00:06:04,880 Speaker 2: those things are, as we all know, a bit wobbly 115 00:06:04,920 --> 00:06:07,320 Speaker 2: at the moment. So I'm not sure I want to 116 00:06:07,360 --> 00:06:11,640 Speaker 2: necessarily throw them under the bus. But you know, it's 117 00:06:11,720 --> 00:06:14,200 Speaker 2: been a while since we've come out of COVID. We 118 00:06:14,200 --> 00:06:15,840 Speaker 2: all need to sort of get on with it. And 119 00:06:15,880 --> 00:06:19,520 Speaker 2: they are. Last week actually I was with our board 120 00:06:20,720 --> 00:06:24,560 Speaker 2: with the CEO of Boeing Group and the CEO of 121 00:06:24,640 --> 00:06:28,520 Speaker 2: the global Boeing Global Aviation Business, and they gave us 122 00:06:28,640 --> 00:06:30,880 Speaker 2: most of their day. And we're a small airline, a 123 00:06:31,000 --> 00:06:34,760 Speaker 2: very small customer. We have great relationships with them and 124 00:06:34,839 --> 00:06:37,160 Speaker 2: they are coming right. They're starting to build more seven 125 00:06:37,200 --> 00:06:38,799 Speaker 2: eight sevens in their factory in Charleston. 126 00:06:39,040 --> 00:06:46,400 Speaker 1: Good all right, News talks will be sixteen past night. 127 00:06:46,480 --> 00:06:49,880 Speaker 1: Nicol Robershanker is the New Air New Zealand CEO. One 128 00:06:49,920 --> 00:06:51,800 Speaker 1: of the most contentious things you'll deal with, and you'll 129 00:06:51,839 --> 00:06:53,200 Speaker 1: be well aware of it given you're not new to 130 00:06:53,240 --> 00:06:56,039 Speaker 1: the company. Is this business of regional New Zealand and 131 00:06:56,080 --> 00:06:58,320 Speaker 1: you rip people off and it's nine million dollars to 132 00:06:58,320 --> 00:07:02,440 Speaker 1: fly to Tamuru and it's unfair. How do you addrisk them? 133 00:07:02,800 --> 00:07:06,880 Speaker 2: I get that flying is very expensive. It's as expensive 134 00:07:06,920 --> 00:07:11,320 Speaker 2: as it's ever been. One of the reasons for that 135 00:07:11,880 --> 00:07:15,720 Speaker 2: is the cost of running an airline has gone up significantly. 136 00:07:16,600 --> 00:07:18,920 Speaker 2: Just to give you one stat we spend about four 137 00:07:18,960 --> 00:07:22,280 Speaker 2: million dollars a day on fuel. A day on fuel 138 00:07:23,480 --> 00:07:27,120 Speaker 2: costs have gone up about forty five percent. One of 139 00:07:27,120 --> 00:07:30,200 Speaker 2: those costs is our own internal labor and that's gone 140 00:07:30,240 --> 00:07:35,160 Speaker 2: up about twenty six percent since twenty nineteen, so at 141 00:07:35,320 --> 00:07:39,640 Speaker 2: or just below inflation. But spare parts are more expensive, 142 00:07:40,200 --> 00:07:44,600 Speaker 2: aircraft more expensive, and you know, the more sinister issue, 143 00:07:44,640 --> 00:07:48,040 Speaker 2: as you know, and it's it's been Greg's passion project 144 00:07:48,080 --> 00:07:50,960 Speaker 2: and it will continue to be mine, is the aviation 145 00:07:51,120 --> 00:07:54,920 Speaker 2: system costs that have gone up significantly, including our landing charges. 146 00:07:55,360 --> 00:07:58,040 Speaker 2: So what we're trying to do is not pass all 147 00:07:58,120 --> 00:08:01,000 Speaker 2: of it to the consumer, because we get that air 148 00:08:01,040 --> 00:08:06,240 Speaker 2: travel is expensive and our recent market guidance is proof 149 00:08:06,320 --> 00:08:11,000 Speaker 2: of that. But we'll continue to try and optimize costs 150 00:08:11,040 --> 00:08:13,240 Speaker 2: and we'll continue to fight for long term interests of 151 00:08:13,280 --> 00:08:18,800 Speaker 2: the consumer. But in certain situations, Mike, there is probably 152 00:08:18,880 --> 00:08:22,200 Speaker 2: a need for us to look at sort of situational 153 00:08:22,640 --> 00:08:26,680 Speaker 2: subsidies for some of these routes. I've spent a bit 154 00:08:26,720 --> 00:08:29,720 Speaker 2: of time studying what happens in Norway, for example. You know, 155 00:08:29,800 --> 00:08:32,800 Speaker 2: there are communities that rely on air travel quite significantly. 156 00:08:33,240 --> 00:08:37,840 Speaker 2: They are very, very sub subeconomic. You know, our competitors 157 00:08:37,920 --> 00:08:41,640 Speaker 2: have no interest in going anywhere near those places. We 158 00:08:41,720 --> 00:08:45,319 Speaker 2: do because we don't have a transactional relationship with New Zealand. 159 00:08:46,160 --> 00:08:47,880 Speaker 2: But we need to make sure that we continue to 160 00:08:47,920 --> 00:08:49,200 Speaker 2: keep those communities connected. 161 00:08:49,240 --> 00:08:52,920 Speaker 1: So the subsidy comes from with the government or you well. 162 00:08:52,720 --> 00:08:57,280 Speaker 2: At the moment there is none and so we're you know, 163 00:08:57,360 --> 00:09:03,040 Speaker 2: the shareholder is but you know, it ends up subsidizing 164 00:09:03,120 --> 00:09:05,720 Speaker 2: I suppose, but it needs to be more of a 165 00:09:05,760 --> 00:09:09,320 Speaker 2: systematic conversation about what does air travel mean to the 166 00:09:09,400 --> 00:09:11,760 Speaker 2: local GDP of the regions and how do we continue 167 00:09:11,760 --> 00:09:12,520 Speaker 2: to support that. 168 00:09:12,520 --> 00:09:15,040 Speaker 1: That's encouraging if I take you what you would and 169 00:09:15,080 --> 00:09:17,640 Speaker 1: what you said to the market yesterday. You are losing money. 170 00:09:17,679 --> 00:09:20,800 Speaker 1: You expect to lose money. So if you got all 171 00:09:20,840 --> 00:09:23,439 Speaker 1: your planes, and you got all your engines, and you 172 00:09:23,559 --> 00:09:26,320 Speaker 1: got what you said before about the company's structurally being 173 00:09:26,360 --> 00:09:29,640 Speaker 1: in a sound place, one would you be making money? 174 00:09:29,679 --> 00:09:30,760 Speaker 1: And two how much. 175 00:09:32,920 --> 00:09:37,040 Speaker 2: National flag carriers, particularly New Zealand, so in New Zealand, 176 00:09:37,120 --> 00:09:37,920 Speaker 2: so air New Zealand. 177 00:09:38,160 --> 00:09:38,840 Speaker 1: Because we are. 178 00:09:38,760 --> 00:09:44,680 Speaker 2: A small market, our success is inextricably linked with New 179 00:09:44,760 --> 00:09:48,480 Speaker 2: Zealand's success. So the other variable I'd throw in there 180 00:09:48,600 --> 00:09:53,120 Speaker 2: is the New Zealand economy. If all of those conditions 181 00:09:53,120 --> 00:09:57,400 Speaker 2: are true, of course we would be making money and 182 00:09:57,920 --> 00:10:01,400 Speaker 2: a sustainable airline, and New Zealand needs sustainable airline more 183 00:10:01,440 --> 00:10:05,800 Speaker 2: than most countries for the reasons I pointed out earlier, 184 00:10:06,240 --> 00:10:10,880 Speaker 2: should be making reasonably somewhere between eight to ten percent 185 00:10:10,920 --> 00:10:15,320 Speaker 2: EBIT margin and about fourteen percent return on invested capital. 186 00:10:15,880 --> 00:10:18,280 Speaker 2: That would be at a sort of six billion dollars 187 00:10:18,280 --> 00:10:20,800 Speaker 2: of revenue, about four hundred and eighty million to six 188 00:10:20,920 --> 00:10:21,800 Speaker 2: hundred million dollars, So. 189 00:10:21,840 --> 00:10:23,319 Speaker 1: Let's peak to the good or though it's pre COVID, 190 00:10:23,320 --> 00:10:26,760 Speaker 1: that was the number roughly right, roughly, Yeah, it was. 191 00:10:26,800 --> 00:10:28,760 Speaker 2: It was sort of the number. And to put that 192 00:10:28,800 --> 00:10:31,319 Speaker 2: in context, you know, last year's profit one hundred and 193 00:10:31,320 --> 00:10:35,120 Speaker 2: thirty million dollars or just under wouldn't buy you half 194 00:10:35,120 --> 00:10:38,640 Speaker 2: a seven eight seven, could you be? 195 00:10:38,760 --> 00:10:40,520 Speaker 1: I mean, I know you won't want to answer this, 196 00:10:40,600 --> 00:10:43,240 Speaker 1: but does having a government with the stake they've got, 197 00:10:43,520 --> 00:10:45,160 Speaker 1: is that good for business or not? Or should you 198 00:10:45,200 --> 00:10:45,600 Speaker 1: be sold? 199 00:10:47,200 --> 00:10:50,400 Speaker 2: Like that's a question for the shareholder and the board. 200 00:10:51,480 --> 00:10:53,880 Speaker 2: But if you want my opinion, because I've got one, 201 00:10:54,000 --> 00:10:57,960 Speaker 2: I love this country and given what's happening to geopolitically 202 00:10:58,040 --> 00:11:02,760 Speaker 2: and so on, I think an airline is critically important. 203 00:11:02,360 --> 00:11:06,080 Speaker 1: For New Zealand to be owned by New Zealanders. 204 00:11:05,800 --> 00:11:08,640 Speaker 2: Well, for New Zealanders have to have some agency in that. 205 00:11:08,760 --> 00:11:12,320 Speaker 1: So either fly either floated or owned directly by the government, 206 00:11:12,320 --> 00:11:14,640 Speaker 1: whatever way you want it. Well, the only thing I'd 207 00:11:14,720 --> 00:11:16,520 Speaker 1: argue with is because we're running out of time. The 208 00:11:16,520 --> 00:11:18,000 Speaker 1: only thing I'd argue with when you talk about the 209 00:11:18,360 --> 00:11:20,960 Speaker 1: New Zealand economy. You're right, but to the extent that 210 00:11:20,960 --> 00:11:22,880 Speaker 1: that we've seen it all over the world. People travel 211 00:11:23,720 --> 00:11:27,600 Speaker 1: and we we travel. Yes, you're you don't seem to 212 00:11:27,600 --> 00:11:30,520 Speaker 1: be benefiting from that. The way other airlines are. Some 213 00:11:30,520 --> 00:11:33,679 Speaker 1: some airlines globally are fantastically profitable because we've all gone 214 00:11:33,720 --> 00:11:35,000 Speaker 1: nuts post COVID. 215 00:11:36,080 --> 00:11:39,319 Speaker 2: We have gone nuts. You know, we as New Zealanders 216 00:11:39,320 --> 00:11:41,680 Speaker 2: aren't traveling to the United States as much, for example, 217 00:11:41,720 --> 00:11:45,280 Speaker 2: because they're dollars a week and politics may or may 218 00:11:45,320 --> 00:11:47,920 Speaker 2: not have a role in it, but you know, we 219 00:11:48,000 --> 00:11:51,160 Speaker 2: need to we need to acknowledge that. And just to 220 00:11:51,200 --> 00:11:54,160 Speaker 2: be clear, I think companies like a New Zealand can't 221 00:11:54,160 --> 00:11:57,080 Speaker 2: be victims of the you know, economy. We have a 222 00:11:57,400 --> 00:12:00,240 Speaker 2: massive role to play to influence the outcome. And way 223 00:12:00,280 --> 00:12:03,320 Speaker 2: we're influencing the outcome is going to places like Asia, 224 00:12:03,640 --> 00:12:06,240 Speaker 2: going to places like the United States and trying to 225 00:12:06,280 --> 00:12:10,680 Speaker 2: convince the recession proof rich citizens of those places to 226 00:12:10,720 --> 00:12:13,400 Speaker 2: get here and spend their money, not once, but make 227 00:12:13,440 --> 00:12:16,800 Speaker 2: New Zealand a repeat, you know, destination for their holidays. 228 00:12:16,840 --> 00:12:17,680 Speaker 1: How long are you here for? 229 00:12:20,520 --> 00:12:24,199 Speaker 2: I think, you know, one of the things Greg's done 230 00:12:24,600 --> 00:12:29,000 Speaker 2: is really created room for growth and having a good 231 00:12:29,000 --> 00:12:32,520 Speaker 2: succession plan in place. Working for Air New Zealand is 232 00:12:33,240 --> 00:12:36,560 Speaker 2: honestly truly one of the great honors and privileges of 233 00:12:36,600 --> 00:12:39,760 Speaker 2: my life. But I have a huge responsibility to then 234 00:12:40,760 --> 00:12:42,880 Speaker 2: make sure someone else is ready to take that over. 235 00:12:43,000 --> 00:12:46,720 Speaker 2: So as soon as a good succession plan is in 236 00:12:46,760 --> 00:12:49,240 Speaker 2: place and we've sort of navigated through the next chapter, 237 00:12:49,840 --> 00:12:52,000 Speaker 2: I'll get out of the way and give the next 238 00:12:52,160 --> 00:12:52,920 Speaker 2: person a go. 239 00:12:53,360 --> 00:12:55,840 Speaker 1: We will talk to you again, hopefully soon. Appreciate it 240 00:12:55,920 --> 00:12:58,840 Speaker 1: very much. Nichol Rebishenk, the new CEO of The New 241 00:12:58,960 --> 00:13:02,720 Speaker 1: zealand more from the Mic Asking Breakfast. Listen live to 242 00:13:02,840 --> 00:13:05,920 Speaker 1: News Talk Set B from six am weekdays, or follow 243 00:13:05,960 --> 00:13:07,520 Speaker 1: the podcast on iHeartRadio.