Years after quitting Qantas, Alan Joyce gets one last bumper payout
It's been years since Alan Joyce last worked for Qantas, but the former chief executive has received one last multimillion-dollar payout from the national carrier.
The airline released its annual report this morning, which revealed all of the shares given to executives under the 2023-24 long-term incentives have been vested.
Joyce, who resigned early as Qantas boss in September 2023, had been awarded 353,956 shares under that long-term bonus plan, which, thanks to their June 30 price of $10.74, will net him a payday of slightly more than $3.8 million.
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Former Qantas chief executive Alan Joyce has taken home almost $4 million in bonuses years after quitting the airline. Janie Barrett
Qantas' share price a year earlier was sitting at $5.85 – almost half what it is today.
Elsewhere in the airline's remuneration report, it was revealed Joyce's successor, current chief executive Vanessa Hudson, took home more than $6.3 million in cash, bonuses and other incentives and benefits.
That's a jump of almost $2 million from the year before, but it would have been even higher had the airline not lost the personal data of millions of customers when it was hit by a cyberattack in late June.
Executives had their short-term bonuses cut by 15 per cent due to that incident – a blow of $250,000 for Hudson.
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Vanessa Hudson was paid more than $6 million despite having her bonuses cut due to the cyber attack on Qantas. Peter Mathew
"While management took immediate action to contain the breach, support customers and put additional protections in place, in recognition of the seriousness of the incident, we decided to reduce 2024/25 short-term bonuses by 15 percentage points for the CEO and Executive Management," chairman John Mullen said.
"This decision demonstrates our commitment to creating a culture of accountability and ownership."
However, there was no further penalty for executives over the illegal sacking of more than 1800 workers, which Qantas was fined a record $90 million for last month.
Mullen said the board had "comprehensively dealt with the remuneration consequences for management from this matter in 2023/24".
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