Qantas withholds some of ex-CEO Alan Joyce’s $18.9m payout after controversy
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Bowing to public outrage, Qantas retained A$2.2 million of Mr Joyce’s short-term bonuses, while a further A$8.3 million is subject to clawback.
PHOTO: REUTERS
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SYDNEY - Qantas Airways withheld some of former chief executive Alan Joyce’s A$21.4 million (S$18.9 million) final payout after the airline illegally sacked 1,700 staff and was accused of selling fake tickets on thousands of cancelled flights.
Bowing to public outrage, chairman Richard Goyder retained A$2.2 million of Mr Joyce’s short-term bonuses, while a further A$8.3 million is subject to clawback, the airline said in a statement accompanying its annual report.
“The company is experiencing an acute loss of trust from the community, and accumulated disappointment from customers, which the board and management are determined to fix,” Mr Goyder said.
Mr Joyce, Qantas’ top boss for 15 years, brought forward his retirement by two months to earlier this month.
The airline, which controls a near 60 per cent market share as at April, added in a statement that it was slashing its short-term incentives for senior executives for fiscal 2023 by 20 per cent “in recognition of the customer and brand impact of cumulative events”.
The Australian competition regulator late last month accused Qantas of selling tickets to more than 8,000 flights between May and July 2022 without disclosing they had been cancelled, triggering a public firestorm.
“As part of good governance, after applying the 20 per cent reduction, the board will withhold the balance of the FY23 short-term incentives for senior executives while this matter progresses,” the airline said. BLOOMBERG, REUTERS
