This should add fuel to the fire
Qantas chief Alan Joyce's pay package soars
Qantas chief's pay soars
Matt O'Sullivan
September 7, 2011 - 2:52PM
Qantas chief executive Alan Joyce has received a 71 per cent increase in his total pay to $5 million, making him one of the highest paid airline chiefs in the world.
The boost to Mr Joyce’s total pay comes amid a bitter industrial dispute between management and key unions representing pilots and aircraft engineers over pay and conditions.
Qantas’s annual report, released today, reveals Mr Joyce earned a total of $5 million for the year to June 30, compared with $2.9 million a year earlier. Qantas’s share price fell 16 per cent over the same period, while the airline's profit doubled.
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Mr Joyce's latest package includes $2.04 million in fixed pay and $2.2 million in short-term benefits.
All of Qantas’s senior leadership team received a boost to their total pay in a year in which the company more than doubled its annual net profit to $249 million.
Jetstar’s chief executive, Bruce Buchanan, received a total package of $1.4 million, compared with $1.1 million a year earlier, while Qantas’s operations chief, Lyell Strambi, saw his pay rise from $1.2 million to $1.7 million.
The second-highest paid executive was Rob Kella, Qantas’s former chief risk officer who officially left the airline on July 1 ‘‘as a mutually agreed termination’’.
His pay package for the year totalled almost $1.8 million, compared with $1.26 million in 2009-10. Mr Kella did not receive a termination payment nor a payment in lie of notice.
The chairman of the airline’s remuneration committee, James Strong, said in the annual report that the board had achieved ‘‘what we believe is an appropriate mix of fair reward, retention of key executives and alignment with the interests of the shareholders of Qantas’’.
‘‘This has been a year where company performance has been good relative to the challenges faced, and where a strong performance by management has produced what is, in the circumstances, a satisfactory profit outcome,’’ he said.