Thu Sep 12 00:12:14 UTC 2024: ## Qantas Chief Alan Joyce Departs with $18 Million Payout, Despite Scandals and Governance Review

**Sydney, Australia** – Former Qantas CEO Alan Joyce received a hefty $18 million in base pay and bonuses before departing the airline in September 2023, despite a series of scandals and a damning governance review that criticized the company’s top-down culture and “excessive deference” to Joyce’s leadership.

The airline’s 2024 financial year remuneration report, published on Thursday, revealed that Joyce’s final two months in the role netted him $3.4 million, despite having $9 million stripped from his 2023 entitlements.

The report also shows a significant pay cut for new CEO Vanessa Hudson, who earned $4.3 million for the year, down from $6 million the previous year when she was finance chief. This followed a 30 percent reduction in executive bonuses after Qantas’ dismal brand performance.

Following a shareholder vote against the group’s remuneration at the 2023 annual general meeting, Qantas lowered the CEO’s pay by 26 percent when Hudson took over.

Overall, executive pay was down to $21 million, compared to $35.5 million the previous year, due to changes in the remuneration scheme and a reduction in bonuses for Joyce and other executives.

This comes after Qantas faced pressure from politicians, investors, employees, and customers to claw back Joyce’s bonuses following a series of controversies, including a court case settlement with the ACCC, low consumer satisfaction, and the illegal sacking of 1,700 ground handlers.

Qantas Chair Richard Goyder, who received $709,000 in 2024, acknowledged the company’s progress in rebuilding customer trust, but said there was more work to be done. He also highlighted the company’s commitment to implementing recommendations from the governance review conducted by ex-McKinsey partner Tom Saar, which found Joyce’s 15-year tenure contributed to the erosion of the airline’s relationship with regulators and customers.

The review concluded that the board had failed to adequately challenge executives and acknowledge non-financial risks.

Saar’s recommendations include prioritizing staff, understanding customers, and recovering lost trust.

Goyder will be replaced by former Telstra Chair John Mullen next week.

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