(Reuters) – Bain Capital-owned Virgin Australia on Tuesday said its Chief Development Officer David Marr, who was assigned to lead the airline’s plans for an eventual initial public offering (IPO), has stepped down from his role.

“A significant amount of this work is now complete and while we are committed to an IPO as soon as practicable, the timing of an actual listing is dependent on capital markets conditions,” the airline said in an emailed response to Reuters.