Alan Joyce Salary

[flyhigh744]

Qantas CEO may earn up to $4.71m


Incoming Qantas Airways Ltd (http://au.search.yahoo.com/search?p=qantas%20airways%20ltd&fr=sfy_cl_au) chief executive Alan Joyce (http://au.search.yahoo.com/search?p=alan%20joyce&fr=sfy_cl_au) could earn as much as $2.71 million in additional annual income from a cash and share-based incentive scheme (http://au.search.yahoo.com/search?p=incentive%20scheme&fr=sfy_cl_au), the company says.
This would top up his fixed remuneration of $2 million.
Mr Joyce (http://au.search.yahoo.com/search?p=mr%20joyce&fr=sfy_cl_au), the chief executive of Qantas offshoot (http://au.search.yahoo.com/search?p=offshoot&fr=sfy_cl_au) Jetstar (http://au.search.yahoo.com/search?p=jetstar&fr=sfy_cl_au), will take over from Geoff Dixon (http://au.search.yahoo.com/search?p=geoff%20dixon&fr=sfy_cl_au) as head of Qantas at the company's annual general meeting (http://au.search.yahoo.com/search?p=annual%20general%20meeting&fr=sfy_cl_au) on November 28.
Qantas said in a statement to the Australian stock exchange (http://au.search.yahoo.com/search?p=australian%20stock%20exchange&fr=sfy_cl_au) on Monday that Mr Joyce (http://au.search.yahoo.com/search?p=mr%20joyce&fr=sfy_cl_au) would receive a fixed annual remuneration of $2 million.
It said Mr Joyce (http://au.search.yahoo.com/search?p=mr%20joyce&fr=sfy_cl_au) could earn additional income through a mixture of cash and shares based on Qantas board-approved targets that taken into account operational performance (http://au.search.yahoo.com/search?p=operational%20performance&fr=sfy_cl_au), safety, customer experience and financial performance (http://au.search.yahoo.com/search?p=financial%20performance&fr=sfy_cl_au).
Based on Friday's closing price for Qantas of $2.42 per share, and assuming Mr Joyce (http://au.search.yahoo.com/search?p=mr%20joyce&fr=sfy_cl_au) reaches all targets and performance hurdles (http://au.search.yahoo.com/search?p=performance%20hurdles&fr=sfy_cl_au), 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 (http://au.search.yahoo.com/search?p=mr%20joyce&fr=sfy_cl_au)'s remuneration package (http://au.search.yahoo.com/search?p=remuneration%20package&fr=sfy_cl_au) at around $4.71 million a year.
Mr Joyce (http://au.search.yahoo.com/search?p=mr%20joyce&fr=sfy_cl_au)'s short-term cash incentive (http://au.search.yahoo.com/search?p=cash%20incentive&fr=sfy_cl_au) 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 (http://au.search.yahoo.com/search?p=qantas%20shares&fr=sfy_cl_au) to Mr Joyce (http://au.search.yahoo.com/search?p=mr%20joyce&fr=sfy_cl_au) in each of fiscal 2009, 2010 and 2011, subject to him meeting the board-approved targets.

Finance, Business and Company News - Yahoo!7 (http://au.biz.yahoo.com/081103/2/211t9.html)

[Short_Circuit]

If he can right the wrongs of the Dixon era, it may be worth it. :hmm:

[packrat]

This guy doesnt even have any runs on the board.
His wage should be attached to verifiable improvements in the business.
It would appear the board and Clifford have learnt nothing

[Qantas 787]

The article is misleading $2m is his salary, but he COULD earn more based on performance indicators. Seems straight forward. I think he actually deserves that salary given the task ahead of him.

[lowerlobe]

[QUOTE]I think he actually deserves that salary given the task ahead of him.[QUOTE]
This is exactly the problem...Dixon has already drawn the line in the sand with the CEO's remuneration package.The bench mark is in place and can only go higher...

Did anyone really expect mini me's package to be any less potentially attractive than Dixon's?

I don't agree with the current level of pay to CEO's but it's already in place.

[Capt Wally]

In my mind it's just plain wrong to be 'rewarded' that absurd amount.
Sure it's a responsible task being the CEO of a floundering Co. I wouldn't want it for all the tea in China but that's just me. But so too is the task of piloting a plane with humans in it juts as responsible. And the pay diff of the two Eg's above is about as far apart as the moon is to the earth!
I reckon that such huge sums ought only be paid IF & WHEN he gets QF back on track, & then only after the share holders agree.




CW

[Kangaroo Court]

Nah, if he can turn things around, he's worth it! Don't expect a pilot to do it. Most of us run our finances worse than the average truck driver.

[Wod]

Despite the views of some who have questioned Dixon's remuneration, the basis for rewarding the QF senior management group has always been fully disclosed in the Annual Report.

The Joyce terms are not significantly different.

The hurdles look at peer group ( other airlines including VB and Internationals) plus Australian bench marks, over short and longer ( 5 year ) terms.

To criticise you have to propose an alternative, practical method.

The QF numbers are not outrageous, in part because they are properly disclosed.

I just wish they had accepted my application for the top job a few years back.;)

[ACMS]

Worth $4.7 Mill AUD a year?

As much as we hate Tony Tyler at CX, he only gets $12 mill HKD a year. A lot less than the QF bloke in the same job.

[1746]

This still typifies the problem!
Overpayment because that's what "business world" demands! Maybe it does, but maybe it shouldn't!!!!!
The issue is somewhat simplified, if a fundmental question is asked..."what would happen if the CEO rolled over and played dead"?
If the answer is the organisation would instantly implode or cease to exist then, and only then, would anyone be worth such a large amount of money.
I understand that Warren Buffett's company CEO only earns a relatively low salary, something in the $200K - 300K range! With no bonus!!!
Similarly every CEO should be rewarded with exactly the same percentage pay rise or bonus as the lowest paid employee, no more, no less.
Adopting an approach like this would demonstrate something sadly lacking in today's world, real leadership!
Let CEOs lead by example!
If these idylic principles were ever realised, heaven forbid, one could only image the unity that could be created within any organisation, let alone the results such singleness of purpose could produce???
Sorry day dream over....

[packrat]

Dixon is/was the second highest paid airline CEO in the world.
Qantas is by no means the second largest or complex airline.
The renumeration is not consistent with what is essentially a middle ranking airline.
Dixon has been paid large to create a mess and create an obscene amount of executive wealth.
The shareholder,the customer and the employees have been given short shrift
Lets keep this in perspective ...whatever global benchmark you use Scrotum Face is way overpaid and remunerated.
Mini me has climbed aboard the gravy train without having proved himself anything other than opportunistic networker with Dixon as a mentor.
If he and Dixon got on so well everyone should be concerned

[employes perspective]

perhaps these grabs can have a look around them as to what is going on,re CEO of Japan airlines Video - Breaking News Videos from CNN.com (http://edition.cnn.com/video/#/video/business/2008/11/02/lah.japan.ceo.pay.cut.cnn)

[Capt Wally]

'EP' tnxs for that link.

The main diff I see with the Asian way of life & ours (yes I say ours as I am a 'white' man also) is that we in the western world revolve around two main things, greed & self worth. The CEO's of the western world just happen to be at the top of that greedy pile!



CW

[rodchucker]

These packages are the norm these days in corporate lala land, and should reflect the responsibilities which go with the position but which seem to be conveniently forgotten by QF Board when it suits. and thank god for an endless supply of accountable mid level managers.

Sure disclosure has been made, the problem is in the application, ie where were the results of 2007/2008 reflected in QF Exec remuneration?They almost sold the company down the river, trashed the brand etc etc etc and got the money anyway.

I also dont understand why Execs should be remunerated at a rate nowhere near comparable to industry peers,AND get away with getting $$$$ to fix up a mess which seemed to be of their own making. There is a career opportunity.... stuff it up and then ask for more to fix it up.

I still say sack the muppets.