QF AUS Letdown: Australia's highest paid Company CEO.
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QF AUS Letdown: Australia's highest paid Company CEO.
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A Qantas spokesman said that the airline's value lifted from $2.5 billion to about $10 billion during the period relevant to the report as its share price rose by about 350 per cent.That, in turn, fuelled bonuses paid in Qantas shares, because the shares were awarded at about $1.20 and paid out closer to the $6 mark.
- Call Qantas International "terminal". Establish narrative and repeat ad nauseum. Share price declines substantially.
- Control Share register with a cornerstone investor to protect ownership structure.
- Have a plan to "transform"
- Take said plan to ignorant board (or duplicitous)
- Get a whole bunch of share options should this "plan" succeed
- Write down QF International fleet in FY15 generating a "huge" on paper loss.
- Appear contrite and determined to "turn things around"
- Following financial year, the depreciation reduction means "profit"
- Exercise share options (very amazingly well timed) as share price recovers.
An exercise in financial manipulation.
A country with corporate governance and regulatory oversight would at least look.
With the Royal Commission into banking already long forgotten, regulation of anything left the building a long time ago.
Rated, I totally agree.
When he declared QF International to be in “terminal decline”, the loads hadn’t changed, they were still chockers and I understand that the yields were good due to an overall reduction in ASK’s. He was able to make International look really bad by having a lot of Jetstar’s costs (fuel, spares, engineering, etc) paid by International.
This has been one of the greatest share price manipulations of all time.
When he declared QF International to be in “terminal decline”, the loads hadn’t changed, they were still chockers and I understand that the yields were good due to an overall reduction in ASK’s. He was able to make International look really bad by having a lot of Jetstar’s costs (fuel, spares, engineering, etc) paid by International.
This has been one of the greatest share price manipulations of all time.
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NO NO NO, YOU ALL HAVE WRONG!
Alan claimed back in 2012 he was paid LESS that the pilots.*
Alan Joyce's $5m pay shot down by Qantas pilots
* He also walked up hill both ways to school and licked road clean with tongue, while living in a cardboard box.
Alan claimed back in 2012 he was paid LESS that the pilots.*
QANTAS pilots have lashed out at their chief executive Alan Joyce after he claimed he earns less than some of them.After a brief lull in the war between pilots and the airline that culminated in the fleet's grounding six months ago, Mr Joyce has reignited their fury by discussing his salary in an magazine interview. He said if one considered his "conservative" $5 million a year salary and the hours he worked, he was lower paid than some senior pilots and captains.
"Alan Joyce is a mathematician, but I think he probably needs to invest some of that $5 million in a new calculator," Captain Richard Woodward, vice president of the Australian and International Pilots Association (AIPA) said. "To put that sort of package in perspective, if Mr Joyce worked 14-hour days, six days a week and never took a holiday -- he'd be on an hourly rate of $1145.
"To describe $5 million a year as conservative is outrageous and insulting."
Mr Joyce made the comments to GQ magazine, saying: "What Qantas pays me as CEO is actually very conservative compared with the other ASX 100 companies and if you ranked salaries by hours worked, I'm not even the highest paid person in Qantas because the pilots and senior captains get paid a lot more."
However, AIPA said even the top handful of pilots employed by Qantas, senior A380 captains, would have to work an impossible 357 hours a week to get Mr Joyce's annual package.
The average hourly rate is $175 and the minimum guaranteed hours per year is 1040. Salaries range from $37 an hour for the lowest paid to the highest at $269 -- and these pilots have more than 12 years of experience.
"Alan Joyce is a mathematician, but I think he probably needs to invest some of that $5 million in a new calculator," Captain Richard Woodward, vice president of the Australian and International Pilots Association (AIPA) said. "To put that sort of package in perspective, if Mr Joyce worked 14-hour days, six days a week and never took a holiday -- he'd be on an hourly rate of $1145.
"To describe $5 million a year as conservative is outrageous and insulting."
Mr Joyce made the comments to GQ magazine, saying: "What Qantas pays me as CEO is actually very conservative compared with the other ASX 100 companies and if you ranked salaries by hours worked, I'm not even the highest paid person in Qantas because the pilots and senior captains get paid a lot more."
However, AIPA said even the top handful of pilots employed by Qantas, senior A380 captains, would have to work an impossible 357 hours a week to get Mr Joyce's annual package.The average hourly rate is $175 and the minimum guaranteed hours per year is 1040. Salaries range from $37 an hour for the lowest paid to the highest at $269 -- and these pilots have more than 12 years of experience.
* He also walked up hill both ways to school and licked road clean with tongue, while living in a cardboard box.
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https://www.news.com.au/finance/money/wealth/qantas-chief-executive-alan-joyce-tops-list-of-australias-highest-paid-ceos/news-story/3cef3ae8afa0e53116d2cd7f83dec182
I'm sure Alan is very appreciative of the pay cut the QF pilots took a couple of years ago.
I'm sure Alan is very appreciative of the pay cut the QF pilots took a couple of years ago.
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https://www.news.com.au/finance/money/wealth/qantas-chief-executive-alan-joyce-tops-list-of-australias-highest-paid-ceos/news-story/3cef3ae8afa0e53116d2cd7f83dec182
I'm sure Alan is very appreciative of the pay cut the QF pilots took a couple of years ago.
I'm sure Alan is very appreciative of the pay cut the QF pilots took a couple of years ago.
They didn't notice that it was a result of an accounting change...
"transformation" the very next year...
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What thorn bird and On Eyre said!
No-one, but no-one, is worth that sort of renumeration.
No-one, but no-one, is worth that sort of renumeration.
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This is probably the best thread to ask this. Pardon my ignorance, but why and how did AJ get the name little Napoleon on this forum? I've been curious for a long time. Thanks!
I'm sure Alan is very appreciative of the pay cut the QF pilots took a couple of years ago.
Is anyone going to quit and join companies that pay their CEO’s modest wages?
Is anyone going to withdraw their patronage from these companies and only use the services of business that pay their CEO’s modest wages?
Is anyone going to withdraw their money from superannuation and other funds that own the majority of the shares as a protest against the remuneration report the shareholders will inevitably vote for?
Is anyone going to vote for governments that institute restrictions on CEO and executive pay?
Last edited by dr dre; 17th Sep 2019 at 10:53.
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Congratulations Alan!!!!
Alan is very appreciative of the approximately $100m he has made for himself since becoming the CEO at Qantas. He has transformed the iconic airline into.........just another low cost airline. But to be fare, some of his achievements have been;
- Outsourcing numerous functions on the Dash 8 fleet such as Engineers no longer headsetting the aircraft or doing the pre-start walk around. Now a pimply faced 18 year old kid who six months ago was pushing trolleys at Big W gets to do it.
- Turning an entire airline into his own personal gay rights advertisement, complete with little rainbows on the fuselage.
- Expanding the Qantas Club to include every plugger/orange shirt wearing bogan in the country.
- Going to war with staff, airports, unions and anybody else that comes between himself and his bonuses.
- Grabbing the baton from Darth and continuing the Qantas journey to no longer be known as the worlds most reputable safe carrier of choice.
- No longer offering a premium service to business travellers, instead offering a two-bit checkin service and slow process just like Orange Star.
Qantas, CEO pay = $23.9 million, revenue = $18 billion, fleet size 130
let's compare what other airline CEO's get: (converted to AUD)
2018 pay:
American airlines = CEO $17.6 million, revenue = $65.2 billion, fleet size 940 (largest airline in the world)
Delta airlines = CEO $22 million, revenue = $70 billion, fleet size 915 (2nd largest airline in the world)
United Airlines = CEO $15.4 million, revenue = $60.4 billion, fleet size 787
Southwest airlines = CEO $11.3 million, revenue = $32.2 billion, fleet size 753
From the 4 above, the average CEO in the US earns about $2.9 ($2.7 - $3.1) million per every $10 billion of revenue. This means the Qantas CEO should only earn about $4.9 - 5.6 million based on the Qantas revenue.
Qantas isn't even in the top 10 (regarding airline size ranking) yet the CEO earns more than the some of largest airlines in the world,
https://skift.com/2018/05/29/these-u...ney-last-year/
let's compare what other airline CEO's get: (converted to AUD)
2018 pay:
American airlines = CEO $17.6 million, revenue = $65.2 billion, fleet size 940 (largest airline in the world)
Delta airlines = CEO $22 million, revenue = $70 billion, fleet size 915 (2nd largest airline in the world)
United Airlines = CEO $15.4 million, revenue = $60.4 billion, fleet size 787
Southwest airlines = CEO $11.3 million, revenue = $32.2 billion, fleet size 753
From the 4 above, the average CEO in the US earns about $2.9 ($2.7 - $3.1) million per every $10 billion of revenue. This means the Qantas CEO should only earn about $4.9 - 5.6 million based on the Qantas revenue.
Qantas isn't even in the top 10 (regarding airline size ranking) yet the CEO earns more than the some of largest airlines in the world,
https://skift.com/2018/05/29/these-u...ney-last-year/
Last edited by a_pilot; 17th Sep 2019 at 11:42.
can anyone ever see a Qantas CEO doing this:
CEO catches the local bus to work
CEO earns less than pilots
CEO catches the local bus to work
CEO earns less than pilots