Qantas CEO Alan Joyce announced he will step down from the top job two months ahead of schedule.
What you need to know
Alan Joyce's successor, Vanessa Hudson, will take on the job from September 6.
Qantas has faced a wave of scrutiny recently over allegations it sold tickets for already-cancelled flights.
Joyce was one of Australia’s highest-paid CEOs, raking in $10 million in bonuses last year.
Last month, Qantas announced a record pre-tax profit of $2.47 billion.
The airline refused to pay back $2.7 billion it received in COVID-era government payments.
🗣️ What they said
Qantas CEO Alan Joyce: "In the last few weeks, the focus on Qantas and events of the past make it clear to me that the company needs to move ahead with its renewal as a priority," Joyce said.
"The best thing I can do under these circumstances is to bring forward my retirement and hand over to Vanessa and the new management team now, knowing they will do an excellent job."
The Australian Competition and Consumer Commission (ACCC): “The ACCC continues to receive more complaints about Qantas than about any other business. Last year alone, the ACCC received more than 1,300 complaints about Qantas cancellations, accounting for half of all complaints about Qantas reported to the ACCC.”
Ten News foreign correspondent Hugh Riminton: “Timing is everything. Alan Joyce sold his 2.5m Qantas shares on June 1 for $6.75/share, gaining $16,869,750. Had he sold today, at just $5.65/share he’d be $2.75m “poorer”. Savvy fella.”
💬 Conversation starter:
Did you know Alan Joyce is set to make $24 million after stepping down?
That’s right. His massive $10 million bonus is just part of a whopping $24 million package Joyce is expected to receive as his final payout as CEO, when the company holds its annual general meeting in November.
The package consists of shares awarded to him for meeting the company’s COVID-19 targets, as set out in Qantas’s long-term incentives and COVID-recovery retention plans.