Qantas high-flyers take home pay
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Qantas high-flyers take home pay
Mon "Australian Financial Review" 23/9/02
Qantas high-flyers take home seven-figure packages
Sep 23
Jane Boyle
Former Qantas chief executive James Strong walked away from the airline with a $3.65 million golden handshake, mainly in termination payments after he stepped down in March last year, the airline's just released annual report shows.
His successor, Geoff Dixon, collected $2.45 million, including a $1million performance bonus for fiscal 2002, when Qantas seized more than 80 per cent of the domestic market after Ansett collapsed.
Chief financial officer Peter Gregg received $1.42 million, including a $672,000 performance bonus, and three other of the airline's most senior executives, Paul Edwards, John Borghetti and David Forsyth, each received more than $1 million, including bonuses.
Mr Dixon's base salary of
$1.42 million was the same as Mr Strong's the previous year. Mr Strong's payout was disclosed in the latest report because he remained an employee, providing consulting work, until July 31 last year.
The report shows several executives, some of whom assumed new roles, were paid more than the previous year when no performance bonuses were paid due to difficult conditions.
The airline also disclosed that it paid $1.88 million to David Burden, $1.34 million to Stephen Mann and $1.17 million to George Elsey, all of whom were former senior executives who left during the year.
Mr Dixon's pay cheque compares with the $NZ4.2 million ($3.6 million) that former colleague Gary Toomey received for nine months as Air New Zealand's chief executive, which ended with Ansett's bankruptcy.
The chairman, Margaret Jackson, received $362,487 of the $1.18 million that was paid to the airline's board of directors.
After awarding 350,000 entitlements to a group of senior executives in December last year, the company suspended its options scheme, as have several other major companies over the past two months.
The company will also seek shareholder approval for a new deferred share plan for 860 executives.
Under the plan, Mr Dixon and Mr Gregg could be awarded bonuses to buy up to 340,000 and 210,000 shares respectively, subject to meeting performance hurdles this financial year.
The airline's shares ended 3¢ lower at $3.94 on Friday, their lowest point since before the collapse of the Ansett rescue plan in February, due to concerns about a war against Iraq and a potential new domestic entrant.
The fall has pushed its $800million rights issue at $4.20 a share further under water, and jeopardised the $200 million retail component, which is due to close on Friday.
Qantas high-flyers take home seven-figure packages
Sep 23
Jane Boyle
Former Qantas chief executive James Strong walked away from the airline with a $3.65 million golden handshake, mainly in termination payments after he stepped down in March last year, the airline's just released annual report shows.
His successor, Geoff Dixon, collected $2.45 million, including a $1million performance bonus for fiscal 2002, when Qantas seized more than 80 per cent of the domestic market after Ansett collapsed.
Chief financial officer Peter Gregg received $1.42 million, including a $672,000 performance bonus, and three other of the airline's most senior executives, Paul Edwards, John Borghetti and David Forsyth, each received more than $1 million, including bonuses.
Mr Dixon's base salary of
$1.42 million was the same as Mr Strong's the previous year. Mr Strong's payout was disclosed in the latest report because he remained an employee, providing consulting work, until July 31 last year.
The report shows several executives, some of whom assumed new roles, were paid more than the previous year when no performance bonuses were paid due to difficult conditions.
The airline also disclosed that it paid $1.88 million to David Burden, $1.34 million to Stephen Mann and $1.17 million to George Elsey, all of whom were former senior executives who left during the year.
Mr Dixon's pay cheque compares with the $NZ4.2 million ($3.6 million) that former colleague Gary Toomey received for nine months as Air New Zealand's chief executive, which ended with Ansett's bankruptcy.
The chairman, Margaret Jackson, received $362,487 of the $1.18 million that was paid to the airline's board of directors.
After awarding 350,000 entitlements to a group of senior executives in December last year, the company suspended its options scheme, as have several other major companies over the past two months.
The company will also seek shareholder approval for a new deferred share plan for 860 executives.
Under the plan, Mr Dixon and Mr Gregg could be awarded bonuses to buy up to 340,000 and 210,000 shares respectively, subject to meeting performance hurdles this financial year.
The airline's shares ended 3¢ lower at $3.94 on Friday, their lowest point since before the collapse of the Ansett rescue plan in February, due to concerns about a war against Iraq and a potential new domestic entrant.
The fall has pushed its $800million rights issue at $4.20 a share further under water, and jeopardised the $200 million retail component, which is due to close on Friday.
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The bonus situation is always a bone of contention but I would have thought that Dixons salary, given the size of the company and revenues, would have to be on the low side compared to worldwide executive salaries.
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I used to be a well balanced person, but then my life was done over by The Evil Empire. Now I really doubt my sanity.
But I don't doubt how little I respect any of the greedy pigs at the QF corporate trough.
What goes around comes around. I hope.
Allegedly.
But I don't doubt how little I respect any of the greedy pigs at the QF corporate trough.
What goes around comes around. I hope.
Allegedly.
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$1.42 million might be fair pay if he was running the company himself without the help of 860 odd other executives who all put the nose in the trough for handouts. As for getting another $1 million in bouses that is just ridiculous. Makes you wonder what the total payout for the 860 is for their role in screwing the rest of the staff who really run the company!
It seems it is OK for executives to get paid on a scale they consider fair on a worldwide basis, yet the workers when they mention equivalent pay on a world scale get the rough end of the pineapple with no lubricant.
For all of you out there who are Qantas shareholders make sure you vote against all the increases for directors and executives, as there is no reason for any increases or handouts. Vote to give them the same as the rest of the workers ie up to $1000 in shares.
It seems it is OK for executives to get paid on a scale they consider fair on a worldwide basis, yet the workers when they mention equivalent pay on a world scale get the rough end of the pineapple with no lubricant.
For all of you out there who are Qantas shareholders make sure you vote against all the increases for directors and executives, as there is no reason for any increases or handouts. Vote to give them the same as the rest of the workers ie up to $1000 in shares.
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If it means xtra $$$ - the shareholders (who are mainly institutional and know how the game's played) will vote a big YE$S for the bonus as it will be tied to share price increases and/or dividends and/or market share.
Actually, I would have thought they would be on more $$ compared to overseas.
BTW; as a comparison, wonder how Mr E is doing at B.A.?? What sort of $ or sterling is he on?.
Actually, I would have thought they would be on more $$ compared to overseas.
BTW; as a comparison, wonder how Mr E is doing at B.A.?? What sort of $ or sterling is he on?.
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Rich-Fine-Green
According to public information, Rod Eddington's 2001 compensation was:
SALARY BONUS TOTAL (GBP 000's)
458 185 643
For calendar 2001, the average GBP/AUD rate was about 2.7850, so in AUD, the above numbers would be:
SALARY BONUS TOTAL (000's)
1276 515 1791
Tried to do a comparison, but can't find any info on Weber (LH), Spinetta (AF), Cheong (SQ), Turnbull (CX), Irala (IB).
According to public information, Rod Eddington's 2001 compensation was:
SALARY BONUS TOTAL (GBP 000's)
458 185 643
For calendar 2001, the average GBP/AUD rate was about 2.7850, so in AUD, the above numbers would be:
SALARY BONUS TOTAL (000's)
1276 515 1791
Tried to do a comparison, but can't find any info on Weber (LH), Spinetta (AF), Cheong (SQ), Turnbull (CX), Irala (IB).
The sum of money that I am most p1ssed off about is the payout to JBT (aka former CEO). When Dixon took over it was announced that JBT would stay on in a consultancy role untill the end of the financial year. I immediately knew that this is high level management speak for - "there are contractual conditions on performance bonuses and shares etc that require him to hang around until the end of the FY". I didn't realise that the actual amount was so enormous ($3,479,065 + $118,875 in directors fees & $7,298 in Superannuation).
I wonder if I've left it too late to do an MBA (& a couple of other degrees) so that I can get on a few boards and milk them for these exorbitant directors fees.
I wonder if I've left it too late to do an MBA (& a couple of other degrees) so that I can get on a few boards and milk them for these exorbitant directors fees.
Get over it.
The people who sit at the top face stresses that you and I have absolutely no comprehension of. You want to get the bonuses? Then face what they do everyday.
Of course, you can say that what about the poor worker who does everything and gets such little in return. Well, the poor worker goes home and forgets all about the day and the company; they don't live under a permanent cloud of doubt - whereby maybe if they make the wrong choice then the consequence could be total extinction of the company and hence the loss of 10,000s of jobs.
The bosses of Ansett didn't deserve their payouts. If you think that GD etc don't deserve the bonuses they received then I think maybe you miss the big picture of the choices they have made (capitalising on being in the right place at the right time - despite Ansett, sep 11 they still could have made crap decisions to the detriment of QF) that have enhanced QF. Oh yeah, and provided a lot of opportunity for people to choose to go home after work and forget about everything but what is happening at home.
Just two cents worth.....
The people who sit at the top face stresses that you and I have absolutely no comprehension of. You want to get the bonuses? Then face what they do everyday.
Of course, you can say that what about the poor worker who does everything and gets such little in return. Well, the poor worker goes home and forgets all about the day and the company; they don't live under a permanent cloud of doubt - whereby maybe if they make the wrong choice then the consequence could be total extinction of the company and hence the loss of 10,000s of jobs.
The bosses of Ansett didn't deserve their payouts. If you think that GD etc don't deserve the bonuses they received then I think maybe you miss the big picture of the choices they have made (capitalising on being in the right place at the right time - despite Ansett, sep 11 they still could have made crap decisions to the detriment of QF) that have enhanced QF. Oh yeah, and provided a lot of opportunity for people to choose to go home after work and forget about everything but what is happening at home.
Just two cents worth.....
Nunc est bibendum
master, yes and no. I reckon you'll find that just about every employee got the 4% if it was part of their EBA. Beyond that, the bonuses differ for different levels of management.
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Ain't THAT the truth!
$7,000,000 P.A. !!!!!!!!!!!!
The "executive" salaries are becoming an absolute joke (played on US!)
Next time you get a bank statement you know exactly where those insidious fees are going.
TO THE TROUGH!!!!!!
$7,000,000 P.A. !!!!!!!!!!!!
The "executive" salaries are becoming an absolute joke (played on US!)
Next time you get a bank statement you know exactly where those insidious fees are going.
TO THE TROUGH!!!!!!
