00:00He's the CEO that left Australia's biggest airline with a shattered reputation and costly
00:07court battles and now he's paying the price.
00:10I don't know why you get a huge payout for underperforming.
00:14Way more than the Prime Minister or anybody else like that so I don't think he needs anymore.
00:19He is a rogue, fortunately he hasn't destroyed the airline but he's pocketed millions.
00:25After mounting pressure from investors and a string of controversies including the illegal
00:29sacking of about 1,700 workers, the selling of tickets on already cancelled flights and
00:35allegations of anti-competitive behaviour, former Qantas boss Alan Joyce will have more
00:40than $9 million cut from his final pay packet.
00:44Qantas has left a trail of destruction under Alan Joyce.
00:48The former CEO walks away with $125 million in total over his 15 year career with the
00:55airline.
00:56The short term bonuses of other executives including current CEO Vanessa Hudson have
01:00also been docked.
01:02The review found that mistakes were made and in some cases the responses of the board and
01:07management were a contributing factor.
01:09It said Alan Joyce had a command and control leadership style and this led to events that
01:14negatively impacted Qantas' relationships with its stakeholders including customers,
01:20employees, investors and governments.
01:22There will be clearly scrutiny at future shareholder meetings.
01:28Investors will be looking at the alignment between remuneration and incentives as well
01:33as board oversight to make sure these issues don't happen again.
01:37The review makes 32 recommendations including changes to the way executives are paid and
01:43greater oversight of when a CEO can sell shares.
01:46But Qantas concedes it still has much work to do to win back the trust of its customers.
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