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Qantas slashes ex-CEO’s pay package by millions
Former Qantas CEO Alan Joyce has seen his golden handshake slashed by a massive $9.26 million.
Still, Joyce has still pocketed a hefty sum.
His final package of salary and shares was worth about $23.6 at the time of his resignation.
The airline announced the cut in an Australian Securities Exchange statement.
Joyce stood down almost a year ago.
He will still pocket about $14 million for the 2023 financial year.
“The events that damaged Qantas and its reputation and caused considerable harm to relationships with customers, employees and other stakeholders were due to a number of factors,” the airline said.
“While there were no findings of deliberate wrongdoing, the review found that mistakes were made by the board and management.”
It refers to the illegal sacking of workers during the pandemic and the scandal of selling thousands of flights that the airline had already knowingly cancelled.
For this, the airline was fined a total of $120 million
Members of the Qantas board will also have short-term bonuses docked by one third.
“In reaching these decisions, the board has considered the individual and collective accountability of members of the Group Management Committee,” it said.
Qantas releases its full-year results later this month.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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