Irish boss of Qantas sees pay almost double to ¤16.5m
Qantas chief executive Alan Joyce’s compensation almost doubled in the latest financial year after he helped revive the faltering Australian carrier.
The total package for Asia Pacific’s best-paid airline executive surged to AU$24.6 million (¤16.5 million) in the 12 months to June 30th, from about AU$13 million a year earlier, according to the company’s annual report. His base pay remained unchanged at AU$2.1 million.
Under Irishman Alan Joyce (51) the airline reported its second-highest annual profit on record in August and announced its fourth buyback of stock in two years, marking the successful completion of his turnaround programme.
The son of a cleaner and factory worker has cut thousands of jobs, deferred aircraft, retired aircraft and dropped unprofitable routes to reverse losses. Named chief executive in November 2008, Joyce struggled with crude oil prices and a rivalry with Virgin Australia amid calls for his firing. But since February 2014 shares of the carrier have quadrupled.
Alan Joyce: revived faltering Australian carrier