Australian flag carrier slashes exit pay of former boss Alan Joyce
Australian airline Qantas says it will cut the exit package of its former chief executive Alan Joyce after a series of scandals and costly legal cases that resulted from decisions made during his tenure.
The A$21.4m ($14m; £11m) payout Mr Joyce was due to get after leaving the firm last year will be cut by A$9.26m, the company has told investors.
The firm also says that other current and former senior executives will see their short-term incentives cut by 33%.
The announcement came on the same day as Qantas released the findings of a review of a number of problems faced by the firm during Mr Joyce’s time in charge.
“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 airline said.
“While there were no findings of deliberate wrongdoing, the review found that mistakes were made by the Board and management”.
Mr Joyce, who was chief executive for 15 years, led the company through the 2008 global financial crisis, the pandemic and record fuel prices.
However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, mass delays and cancellations, and its treatment of workers.
Mr Joyce’s successor, Vanessa Hudson became the first woman to lead the airline when she became chief executive in September last year.
He had been set to leave the firm in November but stepped down two months earlier than expected.
At the time, Mr Joyce said recent attention on “events of the past” made it clear this is “the best thing” he could do.
The airline has been the subject of growing public anger after reaping record profits despite a series of scandals.
Last year, Qantas lost a High Court case over the sacking of staff during the pandemic.
In May, it also agreed to pay A$120m to settle a lawsuit over the sale of thousands of tickets for flights that had already been cancelled.
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