Home » Headline News » Currently Reading:

Look how much Alan Joyce is worth to Qantas!

September 19, 2017 Headline News 1 Comment Email Email

As Qantas fortunes soared over the past financial year, Qantas chief executive Alan Joyce nearly doubled his remuneration, which now ranks among the highest in the Australian executive pay league.

Joyce’s total pay package is now close to AUD 25 million. He earned AUD 24.6 million in the 2016-17 year, the Guardian reported, which is close to double the AUD 12.96 million he received in the previous 12 months.

Joyce’s massive pay rise reflects a dramatic rise in the company’s share price over the same period, which saw the value of his performance-based incentives soar to AUD 18.5 million from AUD 3.16 million.

Qantas chief execuitve Alan Joyce

In a statement carried by the Guardian, Qantas chairman Leigh Clifford conceded, “there is no question that these pay outcomes are high.”

“That’s because they reflect the company’s exceptional performance, including our top ranking for total shareholder return among global airline peers and every company on the ASX100.”

Joyce’s base pay was frozen at a mere AUD 2.1 million.

Joyce now ranks with the Lowy brothers at Westfield and Macquarie boss Nicholas Moore as the highest paid executives in public companies.

The Qantas annual report for 2016/17 stated that strategic highlights achieved during the period had included:

  • The second highest Underlying Profit Before Tax in the Group’s 97-year history.
  • Continued strong Return on Invested Capital (ROIC) at 20.1% with all segments delivering ROIC greater than the weighted average cost of capital (WACC).
  • All Qantas Transformation targets were delivered.
  • Record earnings were achieved by Qantas Domestic and Group Domestic.
  • Second highest earnings for Qantas International and Jetstar Group.
  • Record earnings for Qantas Loyalty.
  • Record levels of customer advocacy.
  • Record people engagement.

The report continued: “Three years ago the Group set out an ambitious plan to successfully turnaround the business. The turnaround program is complete and has achieved a significant improvement in financial performance, record customer advocacy and record employee engagement.

“Through the program, the Group has demonstrated its ability to deliver sustainable financial performance and is positioned for a strong future. Importantly, the Group has embedded a culture of transformation and continuous improvement to ensure it will deliver sustainable returns well into the future.”

Written by Peter Needham

Currently there is "1 comment" on this Article:

  1. Ozrail says:

    That explains why change fees and the like are so exorbitant – and keep on increasing. Perhaps one less Joyce and a thousand extra new staff might be a good investment for the future as the number of customer dissatisfactions I hear about keeps increasing.

Comment on this Article:







Time limit is exhausted. Please reload CAPTCHA.

Platinium Partnership

ADVERTISEMENTS

Elite Partnership Sponsors

ADVERTISEMENTS

Premier Partnership Sponsors

ADVERTISEMENTS

Official Media Event Partner

ADVERTISEMENTS

Global Travel media endorses the following travel publication

ADVERTISEMENTS

GLOBAL TRAVEL MEDIA VIDEOS