Joyce's final Qantas salary totals $21.4 million but he could lose $10.5 million
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The news: Qantas has revealed its former CEO Alan Joyce was entitled to $21.4 million on his way out. But he could stand to lose $10.5 million due to clawback provisions and a reduction in the short-term bonus.
The numbers: In the case of Alan Joyce’s remuneration for FY23, in addition to $2.2 million in short-term bonuses that have been withheld, a further $8.3 million of a total adjusted $21.4 million is subject to clawback should the board determine that necessary. When combined with additional long-term incentives already granted, a total of $14.4 million is subject to malus and clawback if considered necessary.
The context: Joyce left the company earlier this month, handing over early to new CEO Vanessa Hudson as the airline faced turbulence over ACCC allegations and its handling of the sacking of 1700 ground workers.
What they said: "While customer satisfaction levels improved during the year, they are well below where they should be. As a result, this part of the scorecard was judged at zero out of a possible 20 per cent and this had a corresponding impact on senior executive pay," chairman Richard Goyder said.
"In addition, the Board has applied its discretion to reduce short term incentives for senior executives for FY23 by 20 per cent in recognition of the customer and brand impact of cumulative events."
The source: Qantas statement
