Australia's Qantas Airways said its former CEO, Alan Joyce, took home AU$21.4 million in the 2023 financial year in his departure from the company.
Alan Joyce, chief executive officer of Qantas Airways Ltd., speaks during a news conference in Sydney, Australia, on Thursday, Aug. 24, 2023.said its former CEO took a pay increase of 872% as he collected years' worth of long-term incentives on the way out, but added it was cutting and withholding hefty bonuses amid damaging lawsuits.
Most of the amount was share-based incentives that Joyce was allowed to cash in after they vested, according to the report. Joyce's total pay for the previous year was AU$2.3 million. "In recognition of the customer and brand impact of cumulative events, the Board has applied its discretion to reduce short-term incentives" for Joyce and other executives, Chairman Richard Goyder said in the report.
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