Australian airline Qantas will slash the exit package of its former chief executive after a series of scandals and costly legal cases.
Alan Joyce’s multi-million dollar payout will be cut by more than 40%, the company has told investors.
Qantas will also cut short-term incentives for current and former senior executives by more than a third.
At the same time, Qantas released the findings of a review of how the company was run during Mr Joyce’s time in charge.
“While there were no findings of deliberate wrongdoing, the review found that mistakes were made by the board and management”.
Mr Joyce was due to receive A$21.4m ($14m; £11m) after leaving the firm last year but the package will now be cut by A$9.26m.
He was chief executive for 15 years when he led the company through the 2008 global financial crisis, the Covid pandemic and record fuel prices.
However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, mass delays and cancellations as well as its treatment of workers.
Mr Joyce’s successor, Vanessa Hudson became the first woman to lead the airline when she too over last September.
He had been set to leave the firm in November but stepped down two months earlier than planned.
At the time, Mr Joyce said attention on “events of the past” made it clear this is “the best thing” he could do.
The airline has been the subject of growing public anger after reaping record profits despite a series of scandals.
Last year, Qantas lost a High Court case over the sacking staff during the pandemic.
In May, it also agreed to pay A$120m to settle a lawsuit over the sale of thousands of tickets for flights that had already been cancelled.
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Source ( BBC News )
