Sign Up
..... Connect Australia with the world.
Categories

Posted: 2024-08-07 23:00:15

Qantas has reduced former chief executive Alan Joyce's multi-million-dollar payout by almost $10 million.

In a statement shared to the Australian Securities Exchange, Qantas confirmed Mr Joyce's executive pay would be slashed after the airline lost its High Court battle over the illegal sacking of ground staff in 2020 and a recent settlement with the Australian Competition and Consumer Commission (ACCC) over flight cancellations.

Mr Joyce's remuneration, which includes his salary and shares worth about $23.6 million at the time of his resignation from Qantas last year, will be docked by $9.26 million. 

As part of that package, $14.4 million was at risk of being clawed back by the airline's board. Of this, $8.3 million was attributed to long-term bonuses, $3.9 million was connected to pro-rata business outcomes, and the remaining $2.2 million was withheld as per the Qantas board's decision while the ACCC action was pending.

The decision by the airline's board, announced on Thursday, means Mr Joyce will still receive more than $12 million for his time at the airline in the 2023 financial year.

The statement lays outs that he will lose $8.36 million worth of Qantas shares, based on its current share price, while his short-term incentive bonus has also been cut by 33 per cent to $900,000.

View More
  • 0 Comment(s)
Captcha Challenge
Reload Image
Type in the verification code above