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Virgin sacrifice: boardroom bloodletting signals a classic private-equity hijacking – The Conversation AU

In pushing out Virgin Australia’s chief executive Paul Scurrah, new owner Bain Capital has signalled more cost-cutting is on the cards.

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US private equity firm Bain Capital wont formally assume control of Virgin Australia until November. But its coup this week against chief executive Paul Scurrah, dumping him for Jayne Hrdlicka, a former Bain employee with a reputation for toughness, signals the start of a classic private equity smash-and-grab operation.
When Virgins administrators and creditors formally accepted Bains bid for the stricken airline, they did so in part due to undertakings job losses would be minimised. Administra…

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Sue Gilroy