The Virgin Australia Holdings Ltd. logo is displayed on the tail of a Boeing Co. 737-800 aircraft preparing to take off at Sydney Airport in Sydney, Australia, on Monday, Feb. 8, 2016. Image Credit: Agency

Sydney: Bain Capital-owned Virgin Australia said on Tuesday its CEO, Jayne Hrdlicka, is stepping down from her role, as the carrier gears up for its next phase of transformation with an initial public offering in the works.

Hrdlicka's resignation comes after the airline returned to profitability in fiscal 2023 alongside a strong first half into 2024.

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In her four-year tenure, Hrdlicka was in charge of Virgin's operations during challenges linked to the COVID-19 pandemic.

"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," Virgin Australia Chairman Ryan Cotton said.

The airline said it intends to commence a global search process for a new CEO.