Former Qantas main Alan Joyce paid $21.4 cardinal arsenic committee withholds executive bonuses
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Former main executive Alan Joyce has been paid $21.4 cardinal aft departing nan bearer 2 months early, arsenic nan Qantas committee stripped backmost his short-term prize and has delayed nan transportation of further entitlements aft a scary period for nan bearer business.
This intends Qantas has withheld up to $14.4 cardinal successful short-term bonuses for Joyce until much item is provided astir nan quality of an investigation by nan user watchdog aft it announced ineligible action against Qantas complete allegedly trading tickets for cancelled flights successful 2022. Joyce was paid $11.9 cardinal connected a statutory ground for 2023.
Qantas has withheld up to $14.4 cardinal successful short-term bonuses for erstwhile leader Alan Joyce.Credit: Nine
Chairman Richard Goyder said he recognised customers had mislaid spot successful nan hose business.
“Much of nan nonaccomplishment of spot stems from allegations by nan ACCC. We recognise nan important domiciled of nan ACCC and nan institution has co-operated afloat pinch its investigations, which only crystallised into worldly allegations erstwhile ineligible action was announced connected 31 August this year. These allegations are concerning and person nan board’s afloat attention,” Goyder said.
Qantas yet revealed its yearly study pinch specifications of executive remuneration connected Wednesday afternoon, 2 weeks later than usual. The group has go embroiled successful a bid of scandals, which culminated successful Joyce’s departure, since it unveiled a grounds $2.47 cardinal underlying profit successful August.
The Qantas committee person been nether immense unit since Joyce’s departure to claw backmost nan short-term bonuses of its executives successful ray of nan turmoil astatine nan carrier. Qantas’ stock value has plummeted by much than 13 per cent complete nan past six months and now sits astatine $5.39.
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One of nan biggest concerns raised by shareholders since Joyce’s departure has been why he was fixed support successful June to waste astir $17 cardinal successful Qantas shares – much than 80 per cent of his clasp successful nan hose astatine nan clip – and what he and nan Qantas committee knew of nan ACCC investigation astatine that time.
Qantas disclosed to nan sharemarket 2 weeks agone that Joyce was issued 1.7 cardinal successful hose shares, worthy much than $10 million, for hitting cardinal financial targets arsenic portion of his bonuses from 2020, 2021 and 2022 arsenic good arsenic a abstracted inducement strategy nan hose business devised during COVID-19.
In 2022, Joyce was paid $5.5 cardinal connected a statutory basis, including $2.2 cardinal successful rate salary and $3.3 cardinal successful prize shares that vested this year.
He’s estimated to person made much than $120 cardinal successful full realised salary complete his 15 years astatine nan helm.
More to come.
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