Business World

Sunday 19 November 2017

Qantas Irish boss Alan Joyce gets massive pay rise to €8m

Alan Joyce, chief executive officer of Qantas Airways Ltd.
Alan Joyce, chief executive officer of Qantas Airways Ltd.

Online editors

THE pay packet of Alan Joyce, who heads up Australian airline Qantas, has surged to A$11.9m (€8m) after the company swung to a profit of $557m following a record loss of $2.8bn a year ago.

The payment was significantly higher than the equivalent last year.

He was given $6.9m in shares in the 2014/2015 period as part of a long-term incentive.

The Tallaght-native's base salary was $2m as well as other share-based bonuses.

In the company's annual report, Qantas chairman Leigh Clifford said the payments to Joyce and other executives “are substantial, so deserve some explanation”.

He added: “In recent years, our poor financial performance has resulted in pay freezes for many people at Qantas. For executives, there have been no pay rises for three years, no short-term bonuses since 2013 and no long-term bonuses since 2009. Last year, Alan Joyce’s take home pay was cut by 40pc.

“The payments to executives are being made because some very tough performance hurdles have been met and exceeded.”

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