Virgin Australia Chief Executive Officer Jayne Hrdlicka will step down after four years in the role, saying the time is right to ensure a new leader is in place to see the airline through a future public listing. 

The board will shortly start a global search for a new CEO, the carrier said in a statement Tuesday. 

Hrdlicka, the former head of Qantas Airways Ltd.’s budget Jetstar unit, joined Virgin in 2020 when it was bought out of bankruptcy by Bain Capital. She guided the airline through the Covid pandemic, repositioning it as a value carrier focused on the domestic and trans-Tasman markets — and returning it to profitability for the first time in 11 years. 

“There is a lot to do and an IPO to deliver,” Hrdlicka said in the statement. “The next phase of this journey is another three to five years, making now the perfect juncture to begin the process of leadership transition.” 

Bain was targeting to relist Virgin in November 2023 through an initial public offering that would have valued the airline at around A$2.5 billion ($1.6 billion), before pushing back the plans, Bloomberg reported last year.