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

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

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........

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!!!

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 ?:bored:

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.

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 :hmm:

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.

You have been booked into the Taj Mahal in BOM Geoff, where 72 virgins await you. Good luck and Good Bye.

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.

Bad show TG, extremely poor taste := :=

G.D
 

GOOD RIDDENCE!:rolleyes:

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.

Dixon
 

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

Last day for Geoff,

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

My entry just says;

F.O.G

:}

lighten up East Coaster, I am just sorry he's not there.

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...:suspect:

Uncle Geoff did many great deeds for this company, and those deeds are now shining through with the successes this company now experiences.

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.

And how much will Joyce be paid??!!:eek:
Will make Dixon look like a pauper unless the board does something!:ugh:

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.

the dictatorship ends....
the most hated CEO in QF history.... great legacy Geoff!
:mad::mad::mad::mad:

Does anybody in here really think that 'tricky dicky' after having scammed millions off the backs of the real workers at `QF will give a rats ar*e about what we think? This guy is obviously a criminal in every sense of the word but he has shown no conscience. He won't care less about what we think.
Corporate thugs like him have no heart.
Out Govt needs a foot up the ar*e also for allowing corporate greed to reign, then again we are talking about pollies I guess!:bored:

We can only hope that 'karma' is a very real thing.

Good bye & good riddens GD, you make the underworlds behavior look like kiddies stuff!

'lowerlobe' that movie you refer too "Wall Street" is a terrific storyline of greed, again GD makes that movie look like "The Sound Of Music in comparison!:}

Now all you QF employees can re-"Joyce" in what maybe in the months years ahead, good luck to you lot too:)
CW

I had the pleasure to attend todays Qantas AGM, and I must say some staff had balls to get up and say what they thought about how Dixon has treated his staff.
Near the end it became a personal attack by staff to Dixon, and I must say Clifford handled the situation very well, even though, most questions were never answered in full.

Yes its the 37,000 Qantas staff that have made Qantas what it is today, but the staff always seem to come last.

Some simple advice for Allan Joyce, is not to crap on your staff, and not make them feel threatened everyday with rumours of outsourcing, selling off various divisions of Qantas, and try to win back the loyality of your staff, because believe me now its rock bottom, and it reflects on service, which then annoys passengers, who in turn fly with another airline if they have a choice.

Its not rocket science, put staff first, customers second, and shareholders third.
happy staff = happy customer = lots of money = happy shareholders, is this really that hard to do ?

Worried about future on a daily basis = bad service, and I don't give a toss attitude which is happening now in all areas of Qantas + very unhappy customer = not so much money for Qantas = very unhappy shareholder.

Geoff Dixon was a great leader, he has steered Qantas through some very tubulent times, but please show some respect to your staff.

I hope Allan Joyce reads this.

Having a listen to the head of the remuneration committee justify the payout to Dixon was comical...

James Strong almost sounded believable, except of course for his enduring 35+ year "friendship" with Geoff.

It is way overdue that our corporations act attempt to govern and regulate rather than allow the continued wealth transference that occurs daily as "executives" transfer wealth away from the aggregate and into their own pockets.

Dixon did serve the interests of the shareholder...One in particular him.

There are many components which make a great leader, and Geoff Dixon exhibited very few of them despite his commercial success.

Dixon inherited a strong company. On top of that, he managed not to do anything to screw it up despite his best efforts (APA bid, for example, which most likely would have caused Qantas to now be in receivership while allowing Dixon enough money to buy a penthouse, yacht, and private plane in Monaco).

Did he steer Qantas through the turbulent times? Or was Qantas lucky enough to be in a strong enough position before those times to survive, and he just took the usual austerity measures one would expect of a company surviving in a tough economic situation?

I can find few endearing qualities in his leadership at all.

His kind typifies what us 'commoners' despise of the corporate hierarchy - greed, arrogance, hypocrisy etc etc.

And what do they care? He and his 'mates' would have retired to a quiet dinner and chuckled about the AGM whilst downing a box or two of very fine Grange.

Can't help but recalling John Singleton's characterisation of Dixon in a double page spread a couple of weeks back. A man of who cares not for money, but dresses well and likes a good red. A man who cares about the indigenous cause and a philanthropist.

Gees, what a human.

Speedbird61
 

Geoff Dixon my have been many things, but being a good leader is not one of them. Someone else said he was one of the most hated CEO's in
history. Maybe thats a bit much, but he was certainly disliked with such venom that he could not be accurately described as leading. He was a pusher and not a leader. I have had the pleasure of working for people whom I was happy to follow, even if I did not always 100% agree with what they were doing. At the end of the day though, GD will go off on his merry way saying "the winners can laugh and the loosers can please themselves" because thats just the type of person he is. :(

Never really understood the point of an AGM. The institutions ensure management get their bonus schemes anyway, a few disgruntled employees get up and have a bit of a rant, and a bunch of pensioners with nothing better to do offer suggestions on how the company should be run. What a waste of time. Understandably, GD spent most of the time staring at the ceiling and trying to stop yawning.

GD's address was very good though. Thanked the board (for the cash), thanked the shareholders (approved the cash), heaped praise upon himself (tried to justify the cash) and then sat down. Not one word of thanks to the staff! See Ya Pal!

Insperation
 

Good leaders INSPIRE.:):D

I found nothing in G.D. INSPERATIONAL:(:ugh:

Most people have no problem with million dollar salaries etc if the person recieving them actually built the company up from scratch ie Reg Ansett, Alan Scott etc. The trouble is most of these so called "captains of industry" have never built anything in their lives,but have greased themselves into management positions through a mates network and the ability to fool boards into believing they have. Once in the position they then pay themselves as if it is actually their company all along.
This practice is by no means unique to aviation either.

He is one of many many past and present commercial and government Aviation officials who had no level of governance or control imposed whilst in office and will have no level of accountability after leaving office. Those who permit these things to continue are the real incestuous incompetants; the voters, those in public office and shareholders. Look right in front of you for cause and effect.

FOG the Virgin
 

Guess who travelled BNE to CNS yesterday. Free travel on VIRGIN. A letter was sent to cabin crew to extend the greatest privelges to Mr & Mrs FOG.

Didn't take long. Such a loyal CEO. He hasn't even left the coop yet.

A great leader requires a balance of vision and courage. Dixon had neither unless you are talking about lining his own pocket. The man was a joke as a CEO as history will prove.

I wont waste my time to think of anything intelligent to write except FOG.

PS; Farewell party at a soon to be announced pub in Wagga.

Just a thought.......why are they virgins in the first place???!!!.......could be a form of hell no?

Well GD is a consultant now so he is just a pleb like all the other QF staff.

If I was he I would be a little worried travelling QF without being the top dog!

Service with a smile, :yuk:

So why did he travel to Cairns with Virgin?:confused:

Maybe he's thinking about F#%king up another airline now

After pushing J* on Australians I find it funny that he didn't think it good enough for himself to use for his flight to Cairns...

Is this an indictment on J* or Darth?

Wasn't Jetstar his bastard progeny?