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Merged: Bye Geoff, you wont be missed

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Merged: Bye Geoff, you wont be missed

Old 27th Nov 2008, 14:05
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Merged: Bye Geoff, you wont be missed

Hope mr. miserable croaks before he can spend it..................


Dixon faces backlash over pay
  • Matt O'Sullivan
  • November 28, 2008
  • SMH
QANTAS'S knockabout boss, Geoff Dixon, will mark his last day on a sour note today, facing a backlash over his "excessive" salary that has made him the world's highest-paid airline executive.
Just days after announcing a profit downgrade, an analysis has revealed that Mr Dixon and his senior executive team stood to hang on to big cash payments even when the airline's performance deteriorated.
The influential governance adviser RiskMetrics has advised clients - some of whom are Qantas's largest shareholders - to vote against the executive pay deal at the annual meeting in Brisbane today.
RiskMetrics' analysis shows Mr Dixon's cash-based pay was 580 per cent higher than that for Gerald Arpey, the chief executive of the world's largest commercial carrier, American Airlines.
The adviser said Mr Dixon's pay was excessive compared with those of chief executives at similar-sized companies.
Not only was his fixed salary of $2.3 million "significantly higher" than that of his peers, but his cash-based pay of $5.3 million was much greater than that for chiefs of competitor airlines.
"While Dixon is in cash terms the highest-paid aviation executive in the world, Qantas revenues are lower than six of the 11 other airlines considered," RiskMetrics' report said. Qantas's largesse towards senior executives will be galling for staff who for years have been told to tighten their belts to improve the airline's competitiveness. The airline is laying off 1500 staff by Christmas and has tried to cap staff wage rises at 3 per cent a year.
RiskMetrics' director, Dean Paatsch, said Qantas executives would not experience the same pain as shareholders in the "event of an unexpected loss of altitude" because so much of their pay was in cash.
"We would like to see a better alignment [with shareholder returns] by ensuring some of the short-term bonuses are deferred into company stock," he said.
The adviser said shareholders might question the board over Mr Dixon's salary because Qantas's total returns since June 2002 had been less than that of the world airline index.
The airline's returns had also been "substantially lower" than the performance of Australia's top 100 companies.
"The improved profitability performance by Qantas can be largely attributed to market conditions, rather than any extraordinary management skill exhibited by the CEO," it said.
"Rewarding executives by way of large cash payments allows senior executives to benefit during peak times in the industry and insulates their remuneration from any subsequent depreciation in the company's performance."
RiskMetrics has urged a vote against the election of a director, Barbara Ward, who was appointed in June, because of her links to Allco Finance Group and Multiplex.
Mr Dixon's total package for the year to June was $11.92 million, up from $6.5 million a year earlier. Three months before the $11.1 billion private equity raid on Qantas was made public in November 2006, Mr Dixon had close to $8 million tipped into his superannuation account when he renewed his contract.
Qantas declined to comment yesterday
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Old 27th Nov 2008, 18:54
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Qantas Excessive Exec Pay

Dixon faces backlash over pay


QANTAS'S knockabout boss, Geoff Dixon, will mark his last day on a sour note today, facing a backlash over his "excessive" salary that has made him the world's highest-paid airline executive.

Just days after announcing a profit downgrade, an analysis has revealed that Mr Dixon and his senior executive team stood to hang on to big cash payments even when the airline's performance deteriorated.

The influential governance adviser RiskMetrics has advised clients - some of whom are Qantas's largest shareholders - to vote against the executive pay deal at the annual meeting in Brisbane today.

RiskMetrics' analysis shows Mr Dixon's cash-based pay was 580 per cent higher than that for Gerald Arpey, the chief executive of the world's largest commercial carrier, American Airlines.

The adviser said Mr Dixon's pay was excessive compared with those of chief executives at similar-sized companies.

Not only was his fixed salary of $2.3 million "significantly higher" than that of his peers, but his cash-based pay of $5.3 million was much greater than that for chiefs of competitor airlines.

"While Dixon is in cash terms the highest-paid aviation executive in the world, Qantas revenues are lower than six of the 11 other airlines considered," RiskMetrics' report said. Qantas's largesse towards senior executives will be galling for staff who for years have been told to tighten their belts to improve the airline's competitiveness. The airline is laying off 1500 staff by Christmas and has tried to cap staff wage rises at 3 per cent a year.

RiskMetrics' director, Dean Paatsch, said Qantas executives would not experience the same pain as shareholders in the "event of an unexpected loss of altitude" because so much of their pay was in cash.

"We would like to see a better alignment [with shareholder returns] by ensuring some of the short-term bonuses are deferred into company stock," he said.

The adviser said shareholders might question the board over Mr Dixon's salary because Qantas's total returns since June 2002 had been less than that of the world airline index.

The airline's returns had also been "substantially lower" than the performance of Australia's top 100 companies.

"The improved profitability performance by Qantas can be largely attributed to market conditions, rather than any extraordinary management skill exhibited by the CEO," it said.

"Rewarding executives by way of large cash payments allows senior executives to benefit during peak times in the industry and insulates their remuneration from any subsequent depreciation in the company's performance."

RiskMetrics has urged a vote against the election of a director, Barbara Ward, who was appointed in June, because of her links to Allco Finance Group and Multiplex.

Mr Dixon's total package for the year to June was $11.92 million, up from $6.5 million a year earlier. Three months before the $11.1 billion private equity raid on Qantas was made public in November 2006, Mr Dixon had close to $8 million tipped into his superannuation account when he renewed his contract.

Qantas declined to comment yesterday
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Old 27th Nov 2008, 18:59
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I remember at the time of seeing the movie that the character of Gordon Gecko was an example of typical Hollywood exaggeration and dramatization....

Apparently not it would seem........
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Old 27th Nov 2008, 21:51
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The Media Wakes Up

At last Dixon is being seen for what he is.
A mean spirited greedy basturd.
Had the board and chairman not been compliant he would never have gotten away with it.
What a special club they are.....not!!!
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Old 27th Nov 2008, 21:59
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So let me get this straight , Dixon gets paid close to $12 million for the year.
My back of the beer coaster maths, works that out to about $1 million a month, $250K a week or just over $35K a day!
So Dixon makes more in a day than what an average joe makes in a year!
Worth every cent ?
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Old 27th Nov 2008, 22:14
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Merged: Bye Geoff, you wont be missed

Well today is the last day of GDs tenure at Qantas, I know that his many lowpoints have been posted here before so I wont go over them.

So here is to the future of the once great airline, and I hope that without GD at the helm it can return to it position at the top, not just in profit but also customer service and aircraft safety. Leprechaun DON'T STUFF IT UP.

And Geoff don't let the door hit you on the arse on the way out. And one last thing

F.O.G.

Last edited by another superlame; 28th Nov 2008 at 00:18. Reason: spelling error
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Old 27th Nov 2008, 22:17
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While I agree that cuts to service standards have had a detrimental effect, in the end the airline is still in profit...would have to say a pretty good thng given the world economy.

I don't think that the VB results will be that good when released
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Old 27th Nov 2008, 22:23
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Blind Freddy,

Quote- "The improved profitability performance by Qantas can be largely attributed to market conditions, rather than any extraordinary management skill exhibited by the CEO," it said."
_____________

From todays SMH's dickson article.
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Old 27th Nov 2008, 22:24
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You have been booked into the Taj Mahal in BOM Geoff, where 72 virgins await you. Good luck and Good Bye.
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Old 27th Nov 2008, 22:42
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Finally the media see the real Geoff and have the balls to write accurate articles about him.

But it is a bit bloody late isn't it. This would have been better during the PIA or the takeover. I guess he really did have a lot of power in what was written and published about him.
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Old 27th Nov 2008, 22:59
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Bad show TG, extremely poor taste
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Old 28th Nov 2008, 00:02
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G.D

GOOD RIDDENCE!

After his involvement in the LAME EBA dispute and ensuing continual blaming of all things negative post the fact on the ALAEA then I don't feel anyone will shed a tear in QF Eng.
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Old 28th Nov 2008, 00:06
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Dixon

Anus Horriblis...a walking talking hemorrhoid
Preparation H.....his face moisturizer of choice

Last edited by prunezeuss; 28th Nov 2008 at 00:43.
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Old 28th Nov 2008, 00:57
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Last day for Geoff,

I actually had a chance to sign your 'sorry your leaving' card.

My entry just says;

F.O.G

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Old 28th Nov 2008, 01:11
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lighten up East Coaster, I am just sorry he's not there.
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Old 28th Nov 2008, 01:43
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May the post retirement sun shine long for him...

long enough for the regulatory authorities to have a good hard look at the APA bid and his compromised role...
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Old 28th Nov 2008, 02:35
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Uncle Geoff did many great deeds for this company, and those deeds are now shining through with the successes this company now experiences.
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Old 28th Nov 2008, 03:23
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Arrrr Teresa as an avid fan of yours even I suspect you were a bit insensitive, but hey..... what are friends for.

The thought of our friend being in the middle of this mess, and the prospect of being locked in a cupboard, with circling authorities strangely seems a fitting exit, but probably would not cause any stress as this has been the operating environment for some time. As has been the constant cry "someone get help".

Perhaps there is an opportunity as a truce negotiator, the only problem would be working out which side is being represented, although the overall winner could be assumed. Perhaps there would even be a cuddle at the end, but Teresa, 70 virgins is a bit over the top.

Hope he forgets the latest cost cutting by forgetting to empty the bin (SMH this morning) so someone can find what has really been happening, although suspect this is unlikely.

For all those who talk about the successes of QF dont forget there is a strong case this was despite management, not because of it.

Now FOG please leave the building.
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Old 28th Nov 2008, 05:26
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And how much will Joyce be paid??!!
Will make Dixon look like a pauper unless the board does something!
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Old 28th Nov 2008, 05:28
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Sorry if I offended, I guess we are all feeling a little fragile, with the A320 the last straw, Of course I am horrified as the rest of you. Just as a matter of interest anybody know if any crews are caught up? It would seem highly possible in one of those hotels. I'm referring to all Airlines. It brings home how easy it would be for a crew to caught in such a situation, as the world becomes more dangerous. I was always aware of fire, but the crews of today have a lot more to be concerned about. Bloody terrible.
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