Qantas ex-CEO Alan Joyce to get tenfold higher pay of US$13.8 million for 2023

Published Wed, Sep 20, 2023 · 03:26 PM

Australia’s Qantas Airways said on Wednesday (Sep 20) it would pay Alan Joyce, its former CEO who retired earlier this month, a remuneration of US$13.8 million for fiscal year 2023, a near 10-fold jump from last year.

But his pay could be subject to adjustments and clawback, as the Australian flagship carrier faces regulatory challenges over allegations of illegal ticket sales which have damaged its reputation.

Joyce, Qantas’ top boss for 15 years, brought forward his retirement by two months to earlier this month.

The airline, which controlled near 60 per cent market share in April, added that it was slashing its short-term incentives for senior executives for FY2023 by 20 per cent, “in recognition of the customer and brand impact of cumulative events”.

The Australian competition regulator late last month accused Qantas of selling tickets to more than 8,000 flights between May and July 2022 without disclosing they had been cancelled, triggering a public firestorm.

“As part of good governance, after applying the 20 per cent reduction, the board will withhold the balance of the FY2023 short-term incentives for senior executives while this matter progresses,” the airline said. REUTERS