Former Qantas CEO Alan Joyce Receives AU$3.15 Million Bonus Amid Criticism
Former Qantas CEO Alan Joyce has reportedly drawn AU$3.15 million in bonus despite facing criticisms that he led the airline to its downfall.
The hefty payout was in addition to his base salary of AU$381,000 for the last 67 days he worked as the CEO for the airline.
Qantas' 2022-23 annual report revealed that Joyce was entitled to the bonus money despite leaving the company earlier than planned, according to The Nightly. Joyce, who resigned last September, took home AU$14.9 million in the 2022-23 financial year.
However, he had lost about AU$9 million due to the several scandals that occurred under his watch His pay was slashed after a review revealed Qantas' financial struggles during his leadership, stemming from strained relationships with regulators, customers, and employees, as well as the board's lack of executive oversight. The review cited a string of failures, including a court case settlement, low consumer satisfaction, and a High Court verdict against the airline.
Vanessa Hudson, the CEO of Qantas, also had a compensation cut, going from AU$6 million to AU$4.4 million for the year. The executive bonuses were reduced by 30% as a result of the airline's subpar brand performance, which included the salary cut.
This comes after a 2023 annual general meeting vote by shareholders against the company's compensation, which resulted in a 26% fall in chief executive salary when Hudson succeeded Joyce, reported WA Today.
Jetstar CEO Stephanie Tully earned AU$2.1 million in compensation, while Qantas Chief Financial Officer Rob Marcolina received AU$2.087 million, Markus Svensson received AU$2 million, Cameron Wallace received AU$1.6 million, and Andrew Glance received AU$1.1 million. Other Qantas executives also received lower pay. Due to modifications to the compensation plan intended to allay shareholder concerns, the overall CEO pay package dropped from AU$35.5 million to AU$21 million.
Qantas's chair, Richard Goyder, said that while the airline has made some strides in the last year, it still needs to do more to win back its consumers' trust. In addition to making this declaration, he revealed that he was paid AU$709,000 in 2024.
"The board has listened to feedback on the pay structure for our executives and have made a series of changes which we are confident will encourage better outcomes for our stakeholders," Goyder said.
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