flyhigh744
3rd Nov 2008, 06:53
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)
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)