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Where Qantas blows its money
Qantas ex-boss paid $11m MATT O'SULLIVAN Sydney Morning Herald September 21, 2009 - 11:20AM Qantas’s former boss, Geoff Dixon, is expected to draw the ire of shareholders and staff for the second year running after it emerged today that he pocketed a salary of almost $11 million despite serving only five months as chief executive last year. Mr Dixon’s total salary of $10.7 million in 2008-09 – down 12 per cent on the previous year – included a base salary of $1.86 million and $657,500 in termination benefits. He was replaced as CEO last November by Alan Joyce, but did remain as a consultant to Qantas until March 31. Qantas’s annual report, released today, also shows that former chief financial officer, Peter Gregg, pocketed $4.9 million after serving just three months in the role last financial year. His salary included $1.76 million in termination benefits. Mr Gregg, the key architect of the airline under Mr Dixon, was replaced at the end of last September after eight years as chief financial officer by Colin Storrie, who earned $1.6 million for the year to June. Mr Joyce, an Irishman who was previously the boss of Jetstar, earned $3.7 million for the year to June, compared with $5.1 million in 2007-08. Qantas former third-in-charge, John Borghetti, had a total package of $4.9 million, compared with $5.8 million in the previous year. Mr Borghetti departed in April after 36 years at the airline, erasing the last vestiges of the Geoff Dixon era at Qantas. The airline’s former human resources chief, Kevin Brown, also took home $3.4 million in 2008-09, down only slightly on the year before. Mr Brown also left Qantas several months ago, taking a job at the Federal Government’s National Broadband Network Company. Qantas’s largesse towards its former executives will be galling for staff who for years have been told to tighten their belts to improve the airline’s competitiveness. The airline has laid off up to 3250 workers over the past 18 months, and recently announced $1.5 billion in spending cuts over three years, including $500 million this financial year. It follows $3 billion in cuts over the previous five years. Last November Mr Dixon had to face the ignominy on his last day of more than 40 per cent of shareholders voting against his $12 million salary and the pay packets for his senior executive team. At the time, influential governance adviser RiskMetrics had urged a vote against the executive pay deal because of Mr Dixon’s ‘‘excessive’’ cash-based payments. Mr Dixon’s salary in 2007-08 made him the world's highest-paid airline executive in cash terms, beating the likes of Gerald Arpey, the chief executive of the world’s largest commercial carrier, American Airlines. [email protected] |
Nope Geoff Dixon was a highway robber.
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Dixon's parting Obscenity/Where QF's money goes merged
Steve Creedy | September 21, 2009
Article from: The Australian FORMER Qantas chief executive Geoff Dixon is set to anger unions one last time after the airline's annual report revealed today he received almost $11 million in cash and other benefits last financial year, despite serving in the top job for just five months before stepping down. Golden handshake: Former Qantas CEO Geoff Dixon got nearly $11 million in cash and benefits for his final year. Picture: Bloomberg Mr Dixon’s cash and non-cash benefits fell from $5.54 million to $2.06m, but his package was boosted by $3.17m in share-based payments, a $3m superannuation deal, $1.72 million in annual leave payments and a $657,500 termination payment. Mr Dixon ended his eight-year tenure as Qantas chief executive on November 28 last year, and served as a consultant to the company for a further four months. His final remuneration package was the highest of any of the departing executives, with former Qantas group executive John Borghetti coming in next at $4.93m, followed by ex-financial chief financial officer Peter Greg, at $4.88m. New chief executive Alan Joyce received $3.66m, down from just over $5m last year, with other newly appointed senior executives receiving from $150,040 to $1.18m, reflecting the varying times they have been in the job. The payouts to departing executives are unlikely to impress Qantas staff facing another $1.5 billion in cost-cutting over three years, following last year’s 88 per cent fall in full-year net profit. In his report, chairman Leigh Clifford warned that the global economic outlook remained uncertain and the airline had yet to see substantial improvements in underlying business conditions. "Many factors are in play that could affect the timing of the recovery,” he said. “Uncertainty is also being created through significant capacity increases, domestically and internationally, by Qantas Group competitors, some of whom enjoy very favourable taxation and other arrangements.” Still, Mr Clifford said the company was well positioned to both withstand the economic downturn and seize on opportunities during the recovery. Mr Joyce said that management was focused on creating a lean and responsive organisation. “We have stripped back management layers to speed up decision-making and to give our frontline people more power,” he said. “We are working internally, and with suppliers, to lower our cost to serve, and to streamline business processes.” Mr Joyce said Qantas had worked hard to restore its reputation after damaging industrial action and two major inflight incidents last year. He said the airline had brought its on-time performance back to industry-leading standards and achieved significantly improved customer satisfaction ratings. |
We was a prick then and still is now!
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Nope Geoff Dixon was a highway robber. The best thing he ever did for QANTAS was to leave it. |
Mr Joyce said Qantas had worked hard to restore its reputation after damaging industrial action and two major inflight incidents last year. Inflight incidents. Well I guess that's what happens when you cut back on local maintenance, outsource it and pay peanuts. How long will management keep blaming the "Industrial Action" for their own incompetence? The excuse must surely be wearing very thin now. |
Disgust. :yuk: With a smidge of indifference. :rolleyes:
When are we as a society going to break the daisy chain of fat cats looking out for noone but themselves??:ugh::ugh::ugh: |
This is really interesting, isn't it?
Looking at our society today, where we are at the edge of a financial meltdown, we have corporate CEOs more concern about their pay and bonuses then their company's fellow workers. Only the past year where Dixon and co. cries poor and went on a firing spree to axe 2000+ workers, went on an on-going pay dispute for engineers because they didn't want to pay them on a better condition, and only recently where they said to have a surplus of pilots and wanted the AIPA to figure out a cost saving method so they "don't have to fire anyone". Now we hear that dixon receives 11million dollar for 5 months work. It wouldn't be a grudge if he deserves it. However, his past work has brought this company down in many levels. This prik certainly don't deserves a cent! It is nice to know that for all those who lost their jobs for the future survive of this company, had only lost it for the bonuses of this devil in disguise! |
FOG just not go away! i mean enough already - just disappear!
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Gary 'absolutely' Toomey will be wishing he'd stayed with QF so he could have had his snout in the trough as well.
Unfortunately for Gary he's slumming it in AYPY, hope he's got the .45 handy. |
next year how about we all move the birdsville races crowd to a little pub in Wagga! tell em its free piss all night!
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Funny how Borgetti and Gregg are immune from criticism - they got a million more than Joyce!
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Scrotum Face was The Problem
Having met all three of these individuals it is safe to say that Dixon is responsible for the staff disengagement at Qantas.Borghetti is a delightful person and while Gregg is not the most personable he beats Dixon hands down.
Dixon has a problem with his larynx...he is only able to grunt. It has been suggested that old scrotum face was the most overpaid sociopath on the planet.Makes you wonder what sort of childhood he had. His parents have a lot to answer for |
A cheap price to pay to get him to leave.:D
Someone should have given it to him earlier - would have saved QF a fortune.:mad: |
Funny how Borgetti and Gregg are immune from criticism - they got a million more than Joyce! He was the last executive to see a place for the Premium model Qantas. He left when he realised "the monkeys had taken over the zoo" (close to a quote attributed to the man himself I believe). |
Dickson's salary was described on the ABC news as $100 000 a day or the average yearly Australian wage earned :rolleyes: before lunchtime.
Bastard. |
Ma and Pa Kettle
Interestingly, most of the posts on this thread relate to the blood sucking parasite known as Dixon. And how correct you all are.
Some posts defend his other overpaid Lieutenants, strange that, but anyway quite interesting. They are equally guilty of bleeding the system and supporting Commandant Dixons decisions, which included outsourcing, wage cuts, staff downsizing and so-on. But what about the ridiculous old farts in tweed coats and bowling hats, the Investors, who have continually supported these high paid executives out of their own greedy desires ? Continually voting them in at investor meetings, allowing the Executives to become bloated with wealth as a reward for driving up share prices ? No mention of this group of scum. Well its interesting now that the Grim Reaper has called - Economic Downturn, and now these same old buffoons are realing in their losses as their precious Qantas shares are slowly but surely stripped of value in an ailing economy. Not only will these old fools be left holding depreciated shares and a financial loss, but they get to fly on a now sub standard poor excuse of an airline ! Now that is funny ! Karma - what goes around comes around. There are many guilty of bleeding Qantas, and Joyce and his new era of cronies are no different, its all about self preservation, self ego, self wealth and basically ones self. |
More to come
You better all hang on becuase the ride is far from over. A high level decision at the Roo has been made to cull another 2000 employees who dont know it yet. All will be revealed in the very near future.
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hong kong delay
Well those staff cut backs are certainly being felt. My family has only flown the Roo twice in last five years - and twice there were major delays. The last one on Saturday night was a doozy - delayed 12 hours to Sunday morning due to pilot sickness. On the taxi out delayed another fours hours due to "technical problem." I'm sure the HR guy earned all those millions :}- pity more is not being spent on the people at the coal face though to ensure passengers get from A-B. Qantas used to be looked up to in the aviation world - now it is a laughing stock
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Little Allans Big Wallet
I agree. Money should be spent on the coalface, but that wont happen. The place is now JQ MK 2. Alan also picked the eyes out of JQ and took his hand picked conga line with him to QF. The reason ? Simple. Slash slash and slash ( except Executive salaries) . His troupe will and have been crunching the numbers so as to adopt the same low cost structure as JQ. Its getting worse daily. More delays, less staff, poor morale and most areas are overworked and under resourced.Yep, thats the JQ model.
But hey, why should Alan care. You and I would gnaw down on a turd sandwich to earn what the QF exec`s earn, so of course they dont care what happens up front. VB is in a deep hole that gets deeper daily due to it being run by an Egomaniac, The Rat is running at a loss, while JQ props up the earnings, incredible as it sounds. Tiger is as bad as JQ for service, and it too is bleeding cash, so the future of travel in AUS doesnt look exciting does it ?? |
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