Qantas' Ex-CEO Takes 900% Salary Hike But Faces Bonus Reduction Due To Scandal: Report
- 8 months ago
Australia's Qantas Airways (OTC:QABSY) former CEO Alan Joyce reportedly saw a significant increase in his pay, rising by 872% in FY23, as he cashed in long-term incentives upon retiring.
This substantial increase was primarily due to years' worth of long-term incentives that Joyce cashed in as they vested, reported Reuters. In the previous year, his total pay was A$2.3 million.
Joyce took home A$21.4 million in the 2023 financial year. However, the report noted the company decided to reduce and withhold substantial bonuses in response to ongoing lawsuits.
Alan Joyce retired early this month after a regulator lawsuit accused Qantas of selling tickets on thousands of already-cancelled flights.
This substantial increase was primarily due to years' worth of long-term incentives that Joyce cashed in as they vested, reported Reuters. In the previous year, his total pay was A$2.3 million.
Joyce took home A$21.4 million in the 2023 financial year. However, the report noted the company decided to reduce and withhold substantial bonuses in response to ongoing lawsuits.
Alan Joyce retired early this month after a regulator lawsuit accused Qantas of selling tickets on thousands of already-cancelled flights.