Sydney Airport's long-time chief executive Kerrie Mather has revealed her plans to relinquish the reins just weeks ahead of a crucial decision about whether to build and operate a new airport in western Sydney.
Australia's biggest airport has been at loggerheads with the Turnbull government over who should foot the bill to construct and operate the new Western Sydney Airport.
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Badgerys Creek residents split on future
A new airport is set to radically reshape Badgerys Creek in Sydney's west - for good or bad.
Despite the recent standoff, Sydney Airport chairman Trevor Gerber said the airport had "developed strong and enduring relationships" across the aviation industry and with all levels of government both in Australia and internationally.
"Sydney Airport is in a strong position, and well placed for future growth," he said in a statement.
Ms Mather, 56, who has been head of the listed company since 2002, will stay on in the role until a new chief executive has been appointed. The airport said it was undertaking a global search for a new CEO.
The departure of Ms Mather, who earned $3.3 million last year, will also mark a significant reduction in the number of female senior executives at large Australian companies.
Ms Mather, Coca-Cola Amatil's Alison Watkins and Harvey Norman's Katie Page are among fewer than a dozen female CEOs of top-200 companies on the ASX.
Sydney Airport has until May 8 to decide whether it will take up its rights to build and operate Western Sydney Airport, which is scheduled to open in 2026.
If it declines, the federal government has said it will either built the new airport itself, or offer substantially the same terms to other private sector parties.
Australian and Competition and Consumer Commission has warned a single owner will have an incentive to delay and restrict investment in Western Sydney Airport so it can boost returns from its existing operations.
The federal government has not offered any extra taxpayer funds on top of the billions it is spending on roads around the airport at Badgerys Creek, and its current funding for planning and regulatory approvals.
In recent months the airport has been sounding out the market to gain some certainty about the cost of building Western Sydney Airport.
But analysts now rate Sydney Airport a low chance of building Western Sydney Airport, which will be located about 50 kilometres from the city's CBD.
Macquarie analyst Ian Myles said he was surprised at Ms Mather's decision to depart.
"She has done a phenomenally good job. You can't fault the performance of the assets and her willingness to drive the management team," he said.
"I'm sure she will be highly sought after as a non-executive director if that is what she chooses."
Global ratings agency Standard & Poor's also said recently that it believed Sydney Airport was unlikely to participate in the construction of the new airport.