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Bain Capital-owned Virgin Australia has taken a gamble by appointing Dave Emerson as its new chief executive, given that the American is unknown to investors and has no public markets experience. But one industry leader says having an 'outsider' could work in the airline's favour.

The naming of Jayne Hrdlicka's replacement is the final strategic piece Virgin needs ahead of a potential sharemarket float, which could be as early as spring if conditions hold, writes columnist Eric Johnston. He notes that the carrier is making money for the first time in years, its aircraft are running on time and it has locked in cashed-up global aviation partner Qatar.

And in one of her final official duties as CEO, Jayne Hrdlicka has unveiled half-year underlying earnings of $439m, off $3bn in revenue. She has also vowed to stick around for a few more months after Emerson slips into the captain's seat on March 14.