Qantas CEO may earn up to $4.71m
Incoming
Qantas Airways Ltd chief executive
Alan Joyce could earn as much as $2.71 million in additional annual income from a cash and share-based
incentive scheme, the company says.
This would top up his fixed remuneration of $2 million.
Mr Joyce, the chief executive of Qantas
offshoot Jetstar, will take over from
Geoff Dixon as head of Qantas at the company's
annual general meeting on November 28.
Qantas said in a statement to the
Australian stock exchange on Monday that
Mr Joyce would receive a fixed annual remuneration of $2 million.
It said
Mr Joyce could earn additional income through a mixture of cash and shares based on Qantas board-approved targets that taken into account
operational performance, safety, customer experience and
financial performance.
Based on Friday's closing price for Qantas of $2.42 per share, and assuming
Mr Joyce reaches all targets and
performance hurdles, as much as $3.5 million in cash and around $1.21 million in shares per year could be earned. This would put the total value of
Mr Joyce's
remuneration package at around $4.71 million a year.
Mr Joyce's short-term
cash incentive would be set at 75 per cent of his fixed annual remuneration, Qantas said.
Qantas proposes also to award the rights to an average of 250,000
Qantas shares to
Mr Joyce in each of fiscal 2009, 2010 and 2011, subject to him meeting the board-approved targets.
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