Virgin Australia Chief Has No Plans To Quit - Report

Virgin Australia chief executive John Borghetti said he has no plans to quit and defended his turnaround strategy for the airline, according to a local media report.

His comments in the the Australian Financial Review follow a tumultuous week in which Virgin's largest shareholder, Air New Zealand, flagged plans to sell its 26 percent stake and Standard & Poor's cut its outlook for the company from stable to negative.

"I don't intend to go anywhere," Borghetti told the newspaper. "I've still got things I need to get done. This week is just one more week."

Virgin has been cutting costs to help its recovery from a price war with larger rival Qantas, but it has been slower to show the benefits. It revealed recently that its cash reserves at December 31 were down by a quarter from a year earlier.