Qantas Reduces Executive Pay Amid Scandals

Qantas Airways has announced a significant reduction in executive pay by approximately 40%, resulting in total compensation dropping from $35.4 million to $20.7 million for FY24. Former CEO Alan Joyce received $3.4 million for his last two months at the airline, despite facing a series of scandals that led to a $9 million cut in his overall compensation. Joyce's departure followed a governance review that criticized the company's top-down leadership style and its handling of customer service issues, including the illegal sacking of 1,700 workers during the pandemic. Current CEO Vanessa Hudson saw her pay decrease to $4.4 million from $6 million, following a 30% reduction in executive bonuses due to the airline's tarnished reputation. The board's changes to the remuneration structure aim to focus more on customer outcomes and brand reputation, reflecting the feedback received from shareholders. Qantas reported a post-tax profit of $1.25 billion for the 2023-24 financial year, a drop from the previous year's profit of $1.74 billion.