Airline Cuts Pay for Former CEO After Review

Australian airline Qantas has announced a significant reduction in the exit package for its former chief executive, Alan Joyce, following a series of scandals and legal challenges during his tenure. The A$21.4 million payout he was set to receive will be slashed by A$9.26 million, as confirmed to investors. Additionally, the airline revealed that short-term incentives for other current and former senior executives will also be cut by 33%. This decision coincided with the release of a review that examined various issues faced by Qantas under Joyce's leadership. While the review did not find evidence of deliberate wrongdoing, it acknowledged that mistakes were made by both the Board and management, which contributed to reputational damage and strained relationships with customers and employees. Joyce, who served as CEO for 15 years, navigated the airline through significant challenges, including the 2008 global financial crisis and the COVID-19 pandemic. However, by the time he resigned in 2023, Qantas was grappling with public discontent over soaring fares, widespread delays, and employee treatment. His successor, Vanessa Hudson, made history as the first woman to lead the airline when she took over in September 2022. Qantas has faced increasing scrutiny, particularly after a High Court ruling last year that found the airline unlawfully sacked staff during the pandemic. The company also agreed to a A$120 million settlement over a lawsuit related to the sale of canceled flight tickets, further fueling public outrage amid record profits.