Joyce pay plummets to $ 10.86m
QANTAS Airways chief Alan Joyce’s yearly pay has been slashed by more than half — but he still gets $ 10.86 million for the year.
His pay for the year to June equates to about $ 30,000 a day, or $ 20.66 every minute.
Last year the Flying Kangaroo was at the centre of a storm after Mr Joyce was paid almost $ 25 million for piloting the airline’s turnaround.
At the time, Qantas chair Leigh Clifford insisted Mr Joyce’s mammoth pay cheque was well earned.
But Mr Joyce’s salary for this year — revealed in the group’s annual report — shows he has taken a dramatic cut.
The report shows he received a base pay of $ 2.1 million, plus incentives worth $ 8 million.
Mr Clifford said Qantas, under Mr Joyce’s leadership, had again performed “exceptionally well” this year.
“In addition to a record profit, we took delivery of new Dreamliners, opened up new routes like Perth to London and kept delivering some of the lowest fares in the market with Jetstar,” he said in a statement.
“We said executive pay would be lower this year as we moved beyond the incentives that were part of our turnaround program, and it is.
“But the pay figures we’re announcing today still reflect a record result.”
Qantas last week reported a net profit of $ 980 million for the year to June — up 15 per cent from the previous year.
While that tally was not a record, the group’s underlying profit, which excludes one- off costs, was, spiking 14.5 per cent to $ 1.6 billion.
Though Mr Joyce’s pay has fallen his haul for the past year still makes him one of Australia’s best paid executives. In comparison, Westpac chief Brian Hartzer received $ 6.68 million, while NAB’s Andrew Thorburn earned $ 6.63 million.