Former Qantas boss exit pay slashed by millions
Alan Joyce's exit package is being cut by A$9.26m
- Published
Australian airline Qantas will slash the exit package of its former chief executive after a series of scandals and costly legal cases.
Alan Joyce's multi-million dollar payout will be cut by more than 40%, the company has told investors.
Qantas will also cut short-term incentives for current and former senior executives by a third.
At the same time, Qantas released the findings of a review of how the company was run during Mr Joyce's time in charge.
鈥淭he 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,鈥 the airline said.
鈥淲hile there were no findings of deliberate wrongdoing, the review found that mistakes were made by the board and management".
Mr Joyce was due to receive A$21.4m ($14m; 拢11m) after leaving the firm last year but the package will now be cut by A$9.26m.
He was chief executive for 15 years and led the company through the 2008 global financial crisis, the Covid 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 as well as its treatment of workers.
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.
Mr Joyce had been set to leave the firm in November but stepped down two months earlier than planned.
At the time, Mr Joyce said attention on "events of the past" made it clear this was "the best thing" he could do.
His successor, Vanessa Hudson, became the first woman to lead the airline in its century-long history.