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Qantas levels brutal $9 million blow to ex-CEO Alan Joyce: 'Considerable harm'

The Qantas board has decided to cut the former CEO's humungous payout.

Stewart Perrie
·Senior Journalist
Updated ·2-min read
Alan Joyce next to a Qantas plane
The Qantas board has decided not to give Alan Joyce a $9.26 million payout after he left the company. (Source: Getty)

Qantas will not award former CEO Alan Joyce his full $23.6 million pay entitlements after he left the airline early last year. Joyce will have $9.26 million cut from his long and short-term bonuses after the board debated his $11 million payout.

The Qantas board said Joyce's decisions while in the top job ended up causing "considerable harm" to employees, customers and stakeholders. As a result, the Flying Kangaroo said it could not justify handing over millions to the ex-boss.

“While there were no findings of deliberate wrongdoing, the review found that mistakes were made by the Board and management which contributed to the Group’s significant reputational and customer service issues,” the company said in a statement.

The payout was a combination of shares in Qantas, which were valued at $8.36 million, as well as a short-term incentive in FY23, which, after a combined 53 per cent reduction, was $900,000.

The Qantas board also revealed that the short-term incentives for affected current and former senior executives will also be reduced by 33 per cent.

Current Non-Executive Directors who were on the Board between 2021 to 2023 will also take a 33 per cent reduction to their Directors’ base fees this year.

"In reaching these decisions, the Board has considered the individual and collective accountability of members of the Group Management Committee," Qantas said in a statement.

"The Board has also taken into account their performance in bringing Qantas through the pandemic and the challenges of standing up the airline through that period.

"The combination of these factors is reflected in the reduction in the short-term incentives."

Qantas withheld some of Joyce's bonuses in September to conduct a review into his total package, which could have hit $23.6 million.

More to come

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