The former Qantas CEO’s exit pay was reduced by millions
Qantas, the Australian airline, has announced that it will reduce the exit payout of its former CEO, Alan Joyce, following a string of scandals and expensive legal proceedings resulting from decisions taken while he was in charge.
The company told investors that Mr. Joyce’s compensation of A$21.4m ($14m; £11m) should have been reduced by A$9.26m when he left last year.
The company also reports that the short-term incentives of other senior executives, both present and past, will be reduced by 33 percent.
The announcement coincided with the release of Qantas’s review findings on the company’s operations.
“The events that harmed Qantas damaged its reputation, and strained relationships with customers, employees, and other stakeholders were due to various factors,” the airline stated.
“The review discovered that mistakes were made by the board and management, even though there was no evidence of deliberate wrongdoing.”
Over his fifteen years as CEO, Mr. Joyce guided the business through the pandemic, record fuel costs, and the global financial crisis of 2008.
But by the time he resigned in 2023, the public’s dissatisfaction with Qantas over its treatment of employees, high fares, and frequent delays and cancellations was intensifying.
When Vanessa Hudson took over as CEO of the airline in September of last year, she became the first female leader of the company after Mr. Joyce.
Although his departure from the company was scheduled for November, he left two months ahead of schedule.
Mr. Joyce claimed at the time that considering “events of the past” showed that this was “the best thing” he could do.
Public ire towards the airline has grown as a result of its record profits, despite several scandals.
Last year, Qantas lost a High Court case regarding the dismissal of staff during the pandemic.
In May, the airline agreed to pay A$120 million to settle a lawsuit related to the sale of thousands of tickets for flights that had already been cancelled.
