Qantas has disclosed that former CEO Alan Joyce will receive an additional $3.4 million for his final two months in the role, according to the airline’s annual report.
Joyce is also eligible for up to $2.4 million more through a long-term incentive plan, depending on Qantas’ performance and share price through 2026.
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This comes on top of the $14.9 million Joyce earned last year, despite losing $9 million in bonuses amid controversies, including the High Court ruling that Qantas unlawfully sacked thousands of workers and the ACCC’s lawsuit over “ghost flights.”
Meanwhile, current CEO Vanessa Hudson’s pay was reduced by $1.5 million, with her total earnings for the 2023-24 financial year sitting at $4.3 million.
The pay cut followed a decision by the Qantas board to reduce executive bonuses by 30 per cent in response to the scandals.
Facing pressure from investors, including Australia’s largest superannuation funds, Qantas announced it will change how executive performance is assessed next year.
The board also intends to enhance its ability to reclaim long-term bonuses in cases of poor performance.
As part of these changes, non-executive directors who were on the board during Qantas’ turbulent period will take a 33 per cent pay cut for the 2025 financial year.
Joyce, who received $381,000 in base pay during his final two months as CEO, also earned $3.15 million in long-term bonuses.
He still holds 353,956 shares, valued at $2.4 million based on current stock prices.
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