Australian airline Qantas has announced a significant reduction in the exit package of its former chief executive, Alan Joyce, following a series of scandals and costly legal cases. Joyce’s multi-million dollar payout will be slashed by more than 40%, as reported to investors.
Originally set to receive A$21.4 million ($14 million; £11 million) after leaving the company last year, Joyce’s package will now be reduced by A$9.26 million. The company also revealed that other current and former senior executives would see their short-term incentives cut by 33%.
This announcement coincided with the release of a review into the management of Qantas during Joyce’s tenure. While the review found no deliberate wrongdoing, it highlighted mistakes made by the Board and management, attributing the damage to Qantas’s reputation and its strained relationships with customers, employees, and other stakeholders to a variety of factors.
Joyce, who led Qantas for 15 years, navigated the airline through the 2008 global financial crisis, the pandemic, and record fuel prices. However, by the time he stepped down in 2023, the airline faced mounting public anger over high fares, mass delays and cancellations, and its treatment of workers.
Vanessa Hudson succeeded Joyce as CEO in September last year, becoming the first woman to lead the airline. Joyce had planned to leave in November but stepped down two months early, citing the need to address “events of the past.”
The airline has faced increasing public outrage for achieving record profits despite ongoing scandals, further prompting the decision to cut Joyce’s exit pay.