Former CEO Alan Joyce loses $9.3 million from his Qantas remuneration package
Former Qantas CEO Alan Joyce has had his payout reduced by $9.26 million after a review found that the board and management during his tenure damaged the airline's reputation.
"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," Qantas said in an update on its executive remuneration for the previous financial year.
A governance review found no evidence of deliberate wrongdoing but "mistakes were made by the Board and management which contributed to the Group's significant reputational and customer service issues".
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Former Qantas CEO Alan Joyce will lose more than $9 million from his remuneration for the past financial year. Dion Georgopoulos / Australian Financial Review
Joyce will forfeit shares worth $8.36 million and suffer a 33 per cent reduction in a short-term incentive bonus, worth $900,000.
"Mr Joyce was the chief executive officer of the Qantas Group," the airline's statement read.
"In this role he had overall accountability and responsibility for the outcomes of the business and this is reflected in the forfeiting of his 2021-2023 LTIP shares that vested in August 2023."
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Qantas Group has also confirmed it will implement other changes recommended by the review, including more detailed reporting to the board, tightened protocols for the approval of share trading by the group CEO and senior management, and enhanced consultation over significant stakeholder and community issues.
"It's important that the Board understands what went wrong and learns from the mistakes of the past as it's clear that we let Australians down," Qantas Group chairman elect John Mullen said.
"As the national carrier it is our duty to make sure we always act in the best interest of stakeholders and hold ourselves to the highest level of accountability."
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