The Bet to Leave the Market Leader and Rebuild Virgin Australia

Welcome to This Way Forward, the podcast where C-suite leaders unpack the bold strategic bets that changed everything.

In this episode, Charlie Newark-French sits down with Race Strauss, CFO of Virgin Australia. Together, they explore a different kind of strategic bet: a personal career gamble. Race unpacks the decision to leave a secure role at Qantas—the market leader—to take the helm of a competitor that had just entered voluntary administration.

The bold strategic bet
When Race joined Virgin Australia, the airline was in the middle of its demise, having lost its way by trying to be "everything to everyone." While the safe play was to stay with the incumbent, Race bet on the rebuild.

Backed by Bain Capital, he saw the opportunity to strip the business down, rebuild the finance function from scratch, and pivot the airline's strategy to something sustainable.

That decision required navigating a grueling three-year restructuring, a sale of 25% of the business to Qatar Airways, and preparing for a public listing—ultimately saving the airline and restoring competition to the Australian skies.

In this episode
Why Race left the safety of Qantas for a bankrupt competitor
The flaw in Virgin’s original strategy that led to administration
How private equity ownership changed the airline's trajectory
The mental resilience required to work through a total business rebuild
How to assess risk vs. reward when making career-defining choices

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