Bonus Bonanza: Scandal-Plagued Ex-Qantas CEO Alan Joyce Scoops Up $3.8 Million Payout Amid Outrage
- Alan Joyce collects final bonus of $3.8 million in Qantas shares despite being docked $9 million over scandals
- Former CEO’s payout comes after investors voted overwhelmingly to reject his $14.4 million remuneration package
- New CEO Vanessa Hudson faces uphill battle to restore Qantas’ reputation, with shareholders still seething over Joyce’s golden goodbye
Alan Joyce, the controversial former boss of Qantas, has sparked outrage by scooping up a final bonus of $3.8 million in shares, despite being penalised for his role in a string of scandals that rocked the airline.
The national carrier’s annual report, released on Friday, revealed that Joyce would collect the lucrative payout, which has left many wondering how he managed to walk away with such a massive sum despite being sanctioned by the company.
Last year, Qantas announced that Joyce would be docked more than $9 million following a series of scandals, including dubious ticket sales on ghost flights and the illegal sacking of over 1,800 workers. However, it emerged that Joyce had sold the bulk of his shares in the airline in June 2023, netting him a whopping $16.85 million.
Investors were outraged, with 83 per cent voting to reject the $14.4 million remuneration package that Joyce received when he left the company. Despite this, Joyce still managed to collect his final bonus, which has sparked further anger among shareholders.
In a stark contrast, new CEO Vanessa Hudson will take home a relatively modest $6.3 million this year, a far cry from Joyce’s record-breaking $23.9 million payout in 2018. However, Hudson has already delivered some impressive results, including a doubling of the share price and a much-needed overhaul of the fleet.
While Hudson has won praise for her efforts to restore Qantas’ reputation, the airline still faces significant challenges, including the fallout from a massive data breach of its frequent flyer program. With shareholders still simmering over Joyce’s golden goodbye, Hudson has her work cut out to quell the anger at this year’s AGM.