Jayne Hrdlicka, is stepping down as CEO of Virgin Australia Holdings, after four years of what she described as "heavy lifting" to keep the organisation going during the hard years of the pandemic.

Hrdlicka was appointed CEO in 2020, following the acquisition of the airline out of administration by Bain Capital, with support from Virgin Group during the COVID-19 pandemic. Under her leadership, Virgin Australia returned to profitability in FY23 and reported a strong first half of FY24.

The Board of Virgin Australia will now commence a global search process for a new CEO.

"I have decided the time is right for me to signal CEO transition for this great airline and ultimately to pass the baton on. This is not a decision I have taken lightly, but the last 4 years have been heavy lifting across the organisation during the toughest of times," Hrdlicka said. "We are in the midst of the next phase of our transformation program and there is a lot to do and an IPO to deliver. The next phase of this journey is another 3-5 years, making now the perfect juncture to begin the process of leadership transition to deliver the next few chapters of what I'm sure will be a significant long-term success story.

"I am very proud of what the Virgin Australia team has accomplished together since the depths of Administration and the COVID-19 pandemic. I am honoured to have been given the opportunity to guide the team to this point on its journey, and I very much look forward to seeing the continued success of Virgin Australia."

Ryan Cotton, a representative from the Board, praised Hrdlicka's leadership.

"Jayne has led Virgin Australia through the most turbulent times of its 20+ year history. Her leadership was fundamental to repositioning the airline back to its roots as a value carrier, returning Virgin Australia to profitability for the first time in 11 years. It has laid a strong foundation for continued growth and margin expansion that will underpin Virgin Australia's competitive position in the Australian market," he commented.

"To do this required a lot of heavy lifting and the rebuild of many parts of our organisation. A big part of this was resetting our talent pipeline for the long-term, which serves us very well now. These are significant achievements, and we will soon commence looking for a new CEO to continue our transformation journey."

Virgin Australia is currently in the second phase of its transformation, targeting continued growth and margin expansion. Hrdlicka's decision to step down is part of a plan to ensure succession is in place to see the company through a future IPO and beyond.