Former Qantas CEO’s Salary Was Cut by $9.3 Million Due to ‘Adversarial Approach’

Former Qantas CEO Alan Joyce—who brought forward his planned November departure to September as legal scandals and public anger engulfed the airline—has had his total remuneration for 2023 cut by $9.3 million (US$6.1 million). The decision by the company’s board comes in the wake of an internal review that found “considerable harm” had occurred under his leadership, which began in 2008. Although he was officially due $21.4 million in total earnings for the 2022/23 year, the board announced in September that it had withheld $10.5 million. Today, it also announced that he will lose $8.36 million of Qantas shares (based on today’s price) and that his short-term incentive, valued at about $900,000, will be cut by 33 percent....