Richard Goyder finally goes, with one vital task to come

But more importantly, the long notice period gives Goyder time and space to play a leading role in what is now perhaps the most vital task he will face during his five years as Qantas chairman: helping to choose his successor.

It is impossible to understate the importance of this task. Qantas needs a chairman who can rebuild trust with the travelling public, restore relations with governments torched by their links to the airline, and win back the faith of institutional investors who have seen the stock plunge 27 per cent since late July, despite announcing a record profit, and despite its dominant domestic market share.

But Qantas also needs someone who can come in and make tough decisions about the airline’s strategy and, particularly, its management team. Don’t forget that while Joyce is gone, the same key executive who ran the place under his watch remains in place, led by Hudson, Joyce’s former chief financial officer.

That is not to say a new chairman would seek to replace Hudson. But Qantas shareholders need a chairman who will drive change and real challenge at the senior management level, whether or not that ultimately includes Hudson.

Board renewal

The name at the top of investors’ wishlist is undoubtedly former Macquarie Group chief executive Nicholas Moore, who is universally respected by investors and admired by governments.

He also knows his way around the aviation sector. Not only was Moore the government’s liaison during the rescue of Virgin Australia, but he was running Macquarie’s investment banking division when the Millionaire’s Factory backed an unsuccessful private equity bid for the airline in 2007.

Whether Goyder can coax Moore into the Qantas boardroom remains to be seen – Moore would have had his share of ASX board role offers, but has so far resisted them all. Regardless, shareholders suggest that he is the calibre of chairman that Qantas needs, whether they are to be found at home or overseas.

There has been no shortage of vitriol hurled at Goyder in the last few months, and plenty of it justified. He clearly let Joyce hang on too long, and the decision to allow Joyce to sell a large parcel of shares in the middle of a share buyback and mounting customer disenchantment was frankly inexplicable.

Some investors suggest he was also too slow to come to the realisation that he needed to go – although Chanticleer would argue many of those same investors were too slow, and too profit-focused, to appreciate the mess Qantas had got itself into and speak up.

But it’s a measure of the respect and personal equity that Goyder has in the market that investors are prepared to give him the benefit of the doubt to oversee the next year of board renewal.

Goyder’s legacy as Qantas chairman will always be tarnished by the scandals of the last few months, but picking the right chairman will help undo at least a little of that damage.