Qantas has cut Alan Joyce’s pay by almost $10 million following the airline’s former chief executive’s early departure.
A tranche of incentive shares he held in the airline, valued at $8.36 million at the start of the financial year, will be lost.
The bonus would also be reduced by $900,000, Qantas said in a statement on Thursday.
The context: Joyce left Qantas in September, .
The airline launched an investigation in October following a 12-month period in which Qantas was accused of and I discovered that he had during .
A $100 million fine is awaiting court approval for the flight cancellations, while the airline’s violations of the Fair Work Act are also being determined.
The key quote: “It is clear we have failed the Australians. There is still much work to be done to restore the confidence of all stakeholders.” — Qantas chairman-elect John Mullen on the review’s findings.
What else to know: Other executives are also facing bonus cuts after the review found Qantas’ board and management contributed to significant reputational and customer service problems.
The review did not identify any deliberate wrongdoing.
What’s happening now: The airline’s board has pledged to act on 32 recommendations made in a report by independent commercial advisor Tom Saar.
