Former CEO may receive more in bonuses depending on company’s performance
Former Qantas CEO Alan Joyce has received an additional $3.4 million for his final two months in the role and will likely receive more in bonuses as detailed in the company's 2024 annual report.
The payout offsets a portion of the $9 million in bonuses that Joyce lost for his role in the airline's "significant reputational and customer service issues," according to reports.
Overall, Joyce received $14.9 million for the 2022-23 financial year, his final full year as CEO.
But the annual report revealed that Joyce could still receive another $2.4 million under the company's long-term incentive plan scheme if Qantas meets its performance targets, ABC News reported.
Joyce resigned in September 2023 after a 15-year tenure at the airline following numerous controversies that hit the organisation.
These controversies include Qantas' court loss on the illegal sacking of ground staff in 2020 and a recent settlement with the Australian Competition and Consumer Commission over flight cancellations.
As a result, Qantas announced that it will reduce Joyce's bonuses by $9 million for his role in the controversies, which includes the cut in short-term bonuses that also affected other current and former senior executives.
Qantas' new CEO, Vanessa Hudson, also saw her own pay cut by $1.5 million for the 2023-24 financial year, bringing her total compensation to $4.4 million.
In her message in the annual report, Hudson lauded the Qantas workforce for their role in the company's success.
"Our frontline workforce has been central to coming up with – and then implementing – many of the customer initiatives we have introduced," Hudson said. "They are core to our success, and I thank them for their dedication and support of our customers and each other, often in difficult circumstances."
According to Hudson, Qantas welcomed 2,000 employees over the past 12 months.
"Our people are our greatest asset, and we will continue to invest in them, including through recruitment and training," she said. "We will see 6,000 frontline employees participate in leadership development programmes across the coming year."
