The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Qantas Airways Ltd Chief Executive Officer Alan Joyce’s compensation fell 83% to A$1.7 million ($1.2 million) in the year ended June as the
airline slashed salaries and bonuses to save money during the coronavirus crisis.
Joyce went without pay from early March until August, when he started taking 65% of his base salary, Qantas said. He got no bonus for the fiscal year, and opted not to receive 343,500 shares tied to his long-term incentive from 2017. Qantas is cutting as many as 8,500 jobs to weather a near-halt in income due to virus-related travel restrictions. Joyce has previously among Australia’s best-paid executives, receiving more than A$6 million for five straight years as record earnings propelled the airline’s stock. Joyce was the highest-paid CEO among companies
in Australia’s benchmark S&P/ASX 100 Index in 2018, according to a report last year by the Australian Council of Superannuation Investors.
Qantas Chairman Richard Goyder also waived his fees from early March until August.