Slán Alan , hello ....
It seems like you guys are arguing over how big the double digit pay rise has been for board members. Meanwhile, the ones actually doing the work and carrying the responsibility have their pay frozen for years on end.
The following 2 users liked this post by gordonfvckingramsay:
And will continue to do so for the first two years of their next 5 year EA
The whole thing is a company, Qantas Group just about to make a record profit, cost of living high as with inflation yet all the Staff who make it Tim are on the back end of wage freezes and token 3% rises after two years of stand downs and pay freezes. The damage to moral is incalculable.
The following 2 users liked this post by Ollie Onion:
The whole thing is a company, Qantas Group just about to make a record profit, cost of living high as with inflation yet all the Staff who make it Tim are on the back end of wage freezes and token 3% rises after two years of stand downs and pay freezes. The damage to moral is incalculable.
If the new CEO wanted to show leadership and get the blue collar staff back onside she would indicate at the very least that the wage freeze would be scrapped. The silence is deafening and I suspect will remain so.
IMO,there was never a chance of an outsider getting the job as all that has been going on for many years would have been exposed very quickly.
The following 2 users liked this post by blubak:
I have to question the wisdom of announcing the new CEO but letting the outgoing CEO hang around for another 6 months. It is unclear who has authority in the meantime and a sign of weakness by the Chairman who is unable or unwilling to tell the outgoing CEO to do a quick victory lap and leave ASAP. Goyder, who seems pretty impotent against his CEOs, has done this extended leaving period at both Qantas and AFL.... twice in the same week.
I have to question the wisdom of announcing the new CEO but letting the outgoing CEO hang around for another 6 months. It is unclear who has authority in the meantime and a sign of weakness by the Chairman who is unable or unwilling to tell the outgoing CEO to do a quick victory lap and leave ASAP. Goyder, who seems pretty impotent against his CEOs, has done this extended leaving period at both Qantas and AFL.... twice in the same week.
Thread Starter
If you own Qantas shares, sell them now. There will be the usual first financial year clean out that new CEOs do. Financial clean out that is. All skeletons are brought out and thrown out.
no doubt as CFO she is well aware of exactly what she will do and will be using the time until November to plan her moves.
these will include writing off or writing down any assets that are potentially over valued. This can include software.
work out redundancies. So that any redundancy expense is out through in the first financial year.
the whole idea is to bring everything that could potentially be bad news in future years into the first financial year. Also slash staff costs and make sure the redundancy expenses which can be significant are out through.
so in her second financial year she can then turn around and say how well she has done because profits are higher than that disastrous first year. Look how good I am.
standard procedure for any new CEO and with 15 years of Joyce I imagine there are plenty of skeletons.
so expect redundancies first half of next year.. and a lower than expected profit result.
if you want to buy back shares, wait until the start of her second financial year after the first years bad profit has been announced and the share price takes a hit.
no doubt as CFO she is well aware of exactly what she will do and will be using the time until November to plan her moves.
these will include writing off or writing down any assets that are potentially over valued. This can include software.
work out redundancies. So that any redundancy expense is out through in the first financial year.
the whole idea is to bring everything that could potentially be bad news in future years into the first financial year. Also slash staff costs and make sure the redundancy expenses which can be significant are out through.
so in her second financial year she can then turn around and say how well she has done because profits are higher than that disastrous first year. Look how good I am.
standard procedure for any new CEO and with 15 years of Joyce I imagine there are plenty of skeletons.
so expect redundancies first half of next year.. and a lower than expected profit result.
if you want to buy back shares, wait until the start of her second financial year after the first years bad profit has been announced and the share price takes a hit.
In down years 2011 and 2020, AJ made sure they were complete shockers by fully writing down the 747s and A380s respectively. This was signed off by auditors but it had the upside of making subsequent years look much better with significantly reduced depreciation expense. Hudson probably can't do this as even the most compliant auditor wouldn't allow the 787s to be written down and everything else if pretty much already fully depreciated. In fact, with new fleet arriving, she will have the opposite problem with depreciation expense growing massively as the new Airbus fleets arrive in the next few years.
I would be surprised that a person who has sat in the office next door for years should need much training particularly as this person will receive a multi-million dollar salary package. Likewise a candidate who came from outside the organisation would also probably want the outgoing CEO gone sooner rather than later so they can commence their command as the clear leader not with the ever-present shadow of their predecessor hanging over them. It seems Goyder is just too weak to tell Joyce and McLachlan to leave and give their replacements clear air.
The following 2 users liked this post by SHVC:
I have to question the wisdom of announcing the new CEO but letting the outgoing CEO hang around for another 6 months. It is unclear who has authority in the meantime and a sign of weakness by the Chairman who is unable or unwilling to tell the outgoing CEO to do a quick victory lap and leave ASAP. Goyder, who seems pretty impotent against his CEOs, has done this extended leaving period at both Qantas and AFL.... twice in the same week.
Beyond that, there are a few moving parts to this succession that makes it a smidge more complicated than a simple HO/TO transition. We're only seven or so weeks from EOFY, typically a busy time for Finance and the CFO. VH is likely to be fairly pre-occupied until results are released in August. Concurrently, the Board will be keen to have her replacement sorted before she moves to the corner office in November.
And frankly, given that it was the Board that asked Joyce to stay on for three years in 2020, he was always going to be there to address the 2023 AGM.
Qantas’ jumbo stoush with pilots over who gets to fly the big jets
By Angus Thompson
May 5, 2023 — 6.02pmSave
Share
Normal text sizeALarger text sizeAVery large text sizeAQantas and the pilots’ union are tussling over who gets to fly the biggest jets in the fleet as the national carrier claims its push to train new officers for A380s is being unreasonably blocked from within.
The airline has launched Federal Court action against the Australian International Pilots Association to break a nine-month deadlock over the terms of a workplace agreement that gives the most senior pilots priority for promotion to the cockpits of long-haul aircraft.
Qantas is in a drawn-out dispute with the pilots’ union over who gets to fly its prized A380s.CREDIT: MATT HARTMAN Qantas wants to recruit pilots externally for 20 coveted second-officer training spots on its A380 jets, rather than draw solely on the ranks of its existing Boeing 787 Dreamliner and Airbus A330 pilots.Promoting from within would create a vacuum that couldn’t be filled fast enough internally, the airline argues, reducing the availability of pilots needed to meet the roaring demand for international flights.
But the pilots’ association has pushed back, accusing Qantas of circumventing tradition and bypassing career opportunities for those who dream of being the captain of the airline’s largest plane.
“The pilot seniority and allocation system has been accepted at Qantas for more than half a century to provide dedicated and long-serving pilots with a clear career pathway,” pilots’ association president Captain Tony Lucas said.
The dispute comes at a time of upheaval for the airline as long-running CEO Alan Joyce hands over control to his successor Vanessa Hudson.CREDIT: RHETT WYMAN “Regrettably Qantas has attempted to ride roughshod over this seniority and allocation system to reduce training requirements, which have been an understood and accepted part of flight operations for a long time.”Qantas says it would have to train another 20 pilots to meet that demand if it were to promote second officers from within.“We have a record amount of training underway as we bring more pilots back after COVID, hire hundreds of new pilots and promote existing pilots to more senior positions,” a spokesperson for the airline said.
“We are at near capacity in our training facilities, so we are looking at how we can best allocate the limited training positions and ensure we can do as much flying as possible.”
The pilots’ association says it hasn’t blocked Qantas and has referred the airline to a clause in the enterprise agreement requiring it to compensate the pilots it overlooks, but the carrier says those regulations don’t apply.
Qantas launched Federal Court action last month to force a decision.
The dispute comes at a major changeover for Qantas as longstanding chief executive Alan Joyce hands the reins to the airline’s chief financial officer, Vanessa Hudson, later this year.
The airline’s reputation has taken a hit since the easing of pandemic measures as customers complained of skyrocketing airfares, mishandled baggage and staff shortages, while facing threats of industrial action from its workforce.
On Tuesday, the High Court will hear a last-ditch bid by the airline to overturn a Federal Court ruling that it illegally outsourced 1700 ground-staff jobs during the pandemic.
The Federal Court found in 2021 the airline had breached the Fair Work Act by sacking its workforce in part to avoid industrial action.
Qantas will fight this point in the High Court, saying its decision was based on commercial reasons, “to save more than $100 million a year when it was struggling to remain solvent”.
https://www.asx.com.au/asx/statistic...idsId=02572503
Qantas’ jumbo stoush with pilots over who gets to fly the big jets
By Angus Thompson
But the pilots’ association has pushed back, accusing Qantas of circumventing tradition and bypassing career opportunities for those who dream of being the captain of the airline’s largest plane.
The following users liked this post:
Qantas wants to recruit pilots externally for 20 coveted second-officer training spots on its A380 jets, rather than draw solely on the ranks of its existing Boeing 787 Dreamliner and Airbus A330 pilots.
If the current SOs want a pay rise they’re welcome to bid for FO, it may mean they have to work for living.
It’s called the day one lottery and has existed forever. It has to be asked why the union is wasting money on such a small group of pilots who are trying to have the last chance at rorting the system?
If the current SOs want a pay rise they’re welcome to bid for FO, it may mean they have to work for living.
If the current SOs want a pay rise they’re welcome to bid for FO, it may mean they have to work for living.
abd also because the EA is pretty specific on where new hires go