Qantas Slashes Former CEO Alan Joyce’s Pay by A$9.26 Million Amid Scandals

Qantas has cut former Chief Executive Officer (CEO) Alan Joyce’s remuneration by A$9.26 million ($6 million) after a Board review found him partially responsible for the airline’s reputational and operational challenges following the COVID-19 pandemic. The decision follows a report by business advisor Tom Saar, which reviewed executive accountability amid Qantas’ legal issues, including a $79 million settlement with the ACCC over selling tickets for cancelled flights.

Joyce’s payout reduction includes a 100% forfeiture of shares under the 2021-2022 long-term incentive plan, worth A$8.36 million, and a 33% cut in his FY23 short-term incentive. He stepped down early in 2023, replaced by Vanessa Hudson, who has since apologised for the airline’s service failures.

The Board also pledged to implement 32 recommendations to restore the company’s reputation, including tightening share trading protocols for senior management and revising the remuneration framework.