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Joyce reaps big reward from spectacular turnaround

September 5, 2016 Headline News No Comments Email Email
KLM – AMS Top Post

egtmedia59The biggest profit in Qantas’ history is bringing more than just credit to the airline’s chief executive Alan Joyce – he’s earning over three times as much each week as most Australian wage earners make in a year.

Joyce’s pay and perks hit almost AUD 13 million last financial year, Sydney’s Daily Telegraph reported.

Figures released by the airline show Joyce received a package worth AUD 12.96 million for the year to June, up from AUD 11.8 million the previous year.

The Telegraph calculated that figure is 185 times Australia;s average annual wage of about AUD 70,000, and equivalent to AUD 35,500 a day.

Joyce has overseen one of the most spectacular airline turnarounds ever. He was heavily criticised when he brought in his plan, which included a wage freeze and cuts of 5000 jobs. It involved the grounding of the Qantas fleet in one notable incident.

Joyce has seen the airline through to posting a record net profit of AUD 1.03 billion for the most recent financial year – allowing the airline to hand out handsome bonuses to many staff.

Two years ago when Qantas suffered a AUD 2.8 billion loss, Joyce’s remuneration package was about AUD 4 million.

Written by Peter Needham

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