McDonald is also the only executive to win the CFO award twice in the past five years.
In 2010 he was recognised as the airline battled headwinds spurred by the global financial crisis.
In nominating McDonald, Air New Zealand chief executive Christopher Luxon said his stewardship of the company's balance sheet had ensured it was a top-performing airline through some of the tougher times for the industry.
"Air New Zealand has reported consecutive record annual profits the previous two financial years.
"The airline's financial performance has been recognised by Moody's who in July upgraded Air New Zealand's credit rating to Baa2, one of the highest ratings in the aviation sector," Luxon said in his submission.
Air New Zealand's profits grew 24 per cent in the year to June 30, to a record $327 million.
That came on top of the previous year's record $262 million profit, which was up 44 per cent. Revenue for 2015 also grew 5.4 per cent to $4959 million.
After-tax profit has grown from $71 million in 2012 as the airline has been able to maximise returns from new long-haul aircraft, pull out from loss-making routes, forge profitable alliances and dominate the lucrative domestic market.
It has also been able to trim costs and this year and has benefited from lower fuel prices.
Luxon said McDonald's leadership of the airline's fleet strategy had resulted in it having a competitive cost base, allowing it to compete in every market it operates in.
Air New Zealand had budgeted spending $2.6 billion on new aircraft over four years and is about to spend hundreds of millions of dollars establishing new routes to Buenos Aires in Argentina and Houston, Texas.
I'm looking for a Chief Financial Officer candidate who is not lusting to be a CEO, because once they decide they don't want to be a CFO anymore, and they are positioning themselves to be a CEO, there is a huge risk for the company that things will fall between two stools.
The judges also commended McDonald for adding value to the chief executive role and being able to do so under a range of chief executives.
McDonald has served under Ralph Norris, Rob Fyfe and Luxon in his time with Air Zealand.
In judging the award, Dame Alison Paterson said she was looking for a CFO who was able to stay focused on the job because there was a risk that once a CFO became focused on positioning themselves to be a CEO, issues could fall through the two roles, putting the company at risk.
Luxon said McDonald brought a vast amount of experience to the business that was invaluable to the executive team.
"His input ensures that the executive has a strategic focus, with a growth mindset countered with an appropriate amount of realism and awareness to recognise and consider potential changes to the operating environment, whether economic or competitive."
McDonald was also credited with maintaining strong relationships with the company's shareholders and bankers and the board of directors.
He responsibilities include the airline's 1.9 million member loyalty programme and being a leader in relationships with aircraft manufacturers and aircraft lessors.
Luxon said McDonald also played a key role in the digital transformation at Air New Zealand, where he had taken the lead across the executive team to determine which teams should become part of the new digital function within Air New Zealand.
"He has led the appointment of the new digital leadership team and is actively leading them through the transition of structures and people as a new function is established.
"His ability to take a wider perspective and to promote organisational change to enable the organisation to deliver a key strategic initiative demonstrates his focus on ensuring Air New Zealand will be set up for success in the future, utilising digital technologies to deliver better outcomes for our customers both locally and globally."
McDonald started his finance career as a commerce graduate with a building products company in 1980 and worked overseas before joining Coopers and Lybrand in the corporate advisory and valuation practice in 1985.
He joined Air Zealand in 1993 initially as group financial planning manager and was appointed group treasurer in 1995.
He has a Bachelor of Commerce from Auckland University and in 1999 completed the programme of Management Development at Harvard Business School.
McDonald has been an active member of the New Zealand Institute of Chartered Accountants since 1984 and served on its council from 2010 to 2013.
Outside Air New Zealand, he is a regular contributor on professional panels and has spoken at the Trans-Tasman Business Circle, as well as working with the University of Auckland in a judging and mentoring capacity.
Finalist: Andy Carroll, Chorus
Having joined Chorus in 2011, Andy Carroll has steered Chorus through remarkably difficult times and under his sharp financial management, the company has come out the other end better-off.
The progress that the company has made under his careful financial hand is obvious. Faced with tough regulatory challenges and the prospect of a $1bn funding gap through to 2020, Carroll led the organization's financial team in developing a plan of action. Over the next few years, Carroll's work led to the conclusion of revised agreements with Crown Fibre Holdings and Chorus' banks. The organization's share price has doubled as a result.
Carroll's success in the role is in large part thanks to his ability to engage with stakeholders at every level- banks, rating agencies, financial analysts and major investors; to openly explain his company's position and future plans. The regulatory challenges he has faced during his time with Chorus has made him a battle-hardened navigator of the environment in which he works.
Mark Ratcliffe, Chorus Chief Executive, says: "Andy has been absolutely inspirational during a time of enormous upheaval and financial challenges. His consistent, considered view of what Chorus needed to do best to respond to the regulatory challenges has resulted in investors responding positively and welcoming Chorus' ability to weather the storm without seeking further capital."
The judges agreed that "Andy Carroll has very broad skills, he is smart, he is strategic and he is very good in the regulatory challenge space. All round he is a very impressive CFO."
Finalist: Jolie Hodson, Spark
Jolie Hodson was appointed CFO of Spark (then Telecom) in 2013.
Deloitte Top 200 judges were impress by the rate at which Hodson took control of the role. Her arrival marked the end of a ten-year losing streak for the company. Since then her tenure has been notable for not only her sound financial performance, but her skill as a top leader within a large organization. Her role in Spark's recent success is beyond question.
Her leadership of Spark's business portfolio has been demonstrably sound. She can count among her achievements the successful divestment of a number of business at excellent prices, including difficult-to-move entities such as AAPT. She also oversaw the Revera acquisition, a strong contributor to Spark's improving performance. She is also credited with the development of Spark's Turnaround Programme, which has delivered cost reductions and cashflow improvements worth hundreds of millions of dollars.
Simon Moutter, Spark Chief Executive, says: "Jolie is an outstanding leader of herself and her people. She has strong values and combines these with a very authentic and powerful style, powerful intellect and a deep commitment to results."
