Former Qantas CEO to have bonuses slashed
Former Qantas CEO Alan Joyce is set to have his bonuses slashed by $9 million.
The decision comes after the airline pledged to implement all 23 recommendations made in its review of key governance matters, which were revealed in an update on 2023 financial year executive remuneration.
Joyce, who left his role as the Qantas CEO in September 2023, will have his last annual salary with the airline cut by $9.26m, leaving him with $1.8 million.
His hefty bonuses were withheld amid mounting pressure from investors following a string of controversies, including the illegal sacking of 1,700 workers, the selling of tickets on already cancelled flights and allegations of anti-competitive behaviour.
Qantas released a statement on Thursday saying Mr Joyce's whopping salary led to a number of mistakes that lead to “considerable harm” across multiple areas of the company.
“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 statement read.
Following a settlement with the Australian Competition and Consumer Commission (ACCC), the airline admitted to “misleading customers in relation to flight cancellations processes” and with the approval of the Federal Court, will pay a $100m penalty on top of also agreeing to a $20m customer remediation program.
Incoming Qantas chairman John Mullen said it was important that the board learns from previous mistakes.
“It’s important that the board understands what went wrong and learns from the mistakes of the past as it’s clear that we let Australians down,” he said.
“As the national carrier it is our duty to make sure we always act in the best interest of stakeholders and hold ourselves to the highest level of accountability.”
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