Dixon gets more Bickies

[capt.cynical]

4. Dixon's good deal at Qantas


Aviation correspondent Pemberton Strong writes:



Gee Qantas knows a good deal when it sees one. The board that is. There's British Airways, now departed back to London, a very rapidly receding memory and what does the board propose in today's notice of meeting for the forthcoming AGM?



Nothing more than showering more largess on non-executive directors and on the two most senior executives, Geoff Dixon and Peter Gregg.



Approval is being sought to award CEO Dixon 450,000 deferred shares and a further 450,000 performance rights over the next three years to the end of the 2006-2007 year (his recently signed new contract expires on July 1, 2007.

Cunning that. His pay won't appear until the 2007-2008 annual report!).


At current prices these shares would be worth more than $3.1 million dollars in 2007. That's equal to another 18 months or so pay under the deal revealed last month that sees Dixon being paid $2 million a year. He could also get a bonus of up to 60% of that figure. The basic salary could rise from year to year, lifting the bonus, so long as certain yardsticks are met.



Read Pemberton Strong's full report on the site here: http://www.crikey.com.au/business/2004/09/13-0008.html


:mad: :yuk:

[Sperm Bank]

Yes Dicko is a great bloke hey? He may have overseen the record profit, but his STAFF weere the ones who delivered the goods the achieve such an excellent result. About time Dicko and the board acknowledged that and coughed up the appropriate pay rise.

[Three Bars]

Low Cost Management Company Announced

Bratt Goodgrief today announced the formation of a budget airline management company which will become known as a Low Cost Career (or LCC).

Goodgrief said that the LCC should be able to greatly reduce exorbitant management-related expenses and further reduce airline fares for the travelling public. "I think that people on the street are tired of seeing executives making enormous salaries while they are offered lower and lower levels of service", he went on to add. "We intend to keep the corporate war fair."

"We envisage that applicants to join the LCC will initially have to pay for their training, but after that, they should be offered salaries which are comparable with Jetstar Captains, who are acknowledged as executives within their company", Goodgrief said.

He went on to say that huge performance bonuses will be abolished (because they are not in the best interests of the company) and, instead, payrises will be linked to their workers EBA increases. Goodgrief said that if the current trend of 3% annual increases were to continue, executive salaries could (like their employees salaries) actually decrease in real terms and save the airlines further much-needed revenue.

When asked about the other conditions of service, Goodgrief said that executives who were required to attend meetings or conferences interstate would travel economy class and stay in similar (or cheaper) accommodation to their front-line staff. "They are only management desk-jockeys" he said, "they do not need the same level of creature comforts to those staff who are soemtimes called on to make life-or-death decisions."

"We envisage that our LCC will be able to sub-contract to existing airlines and that a ratio of 1 in 3 executive positions in Qantas should soon be available to our LCC staff," he said. "We are in discussions already about "ghost" seniority numbers, and we believe that publications staff, check-in personnel and other more junior staff should soon be able to apply for LCC management positions which should see them earning about the same as a Jetstar F/O within about two years". Goodgrief went on to add that if the business went well, he may be able to establish a similar business model in Singapore with investment forthcoming from Singaporean business partners.

While there is no name for the new LCC as yet, it is believed that Magda Bargarseki has been in discussions about a series of commercials in which she is featured as a beggar in an orange robe with a tin cup, thus embodying the new corporate image of low cost career operations.

[DirtyPierre]

In todays Courier-Mail, not the world's greatest paper, it was reported that Geoff Dixon would "earn" $6.09 million in his salary package.

It was also reported that this is double what he received last financial year. A mere 100% pay rise.

Good thing he's moving the Flight Attendants to London, otherwise he may not get as good a pay package next financial year.

[Kaptin M]

The problem with this corporate executive greed is HOW do you get rid of them?

They are gutting the comanies, and skinning the staff solely for their own ends.
It's pretty obvious where a lot of the money taken from the front line staff is going.
The fat's been trimmed away from EVERYWHERE that is obvious to an outsider - salaries of reservation & check-in staff, cleaning & catering, engineering, and flight crews.
But in the meantime, the number of "executives" has grown like water lillies on a pond, along with the $$$'s they reward themselves.

[muddergoose]

A team needs a leader.

He is being offered shares... which could rise or fall!

He is responsible to his shareholders.How many of you people have shares in QANTAS?

Those of you who do, do you prefer your shares to go up or down?

[Kaptin M]

do you prefer your shares to go up or down? Rising share prices don't necessarily reflect a healthy compnay (n)or an ethical leader, muddergoose...................ever heard of ENRON, or Poseidon?

Perhaps a more relevant question at this time might be,
If you were a QF employee, would you buy QANTAS shares?

[Ultralights]

someone say "qantas staff" and "pay rise" in the same sentance?:ooh:

[muddergoose]

Kaptin M,

I agree with your first statement but are you saying QANTAS is in financial trouble?

[Uncommon Sense]

If there is industrial action because of his greed tactics, and the profits drop as a result, his salary should drop as well - after all it is a performance bonus: and not being able to maintain the morale of a service industry workforce is a bad performance.

Of course the Howard government with it's forward thinking Industrial relation policies just encourages this sort of elitist grubby greed.

[spinout]

If you own Qantas shares you can vote NO to GOD’s pay rise… I did…:confused: