Qantas' Ex-CEO Takes 900% Salary Hike But Faces Bonus Reduction Due To Scandal: Report
Portfolio Pulse from Akanksha Bakshi
Former Qantas Airways CEO, Alan Joyce, saw his pay rise by 872% in FY23 due to cashing in long-term incentives upon retirement. However, due to ongoing lawsuits, the company decided to reduce and withhold substantial bonuses. The company managed to retrieve A$8.4 million in share-based bonuses that Joyce had acquired during the year but was not permitted to sell at the moment. There is also a possibility of reclaiming unvested stock bonuses for Joyce, currently valued at A$6 million.
September 20, 2023 | 11:42 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Qantas Airways' former CEO's pay rose significantly due to cashing in long-term incentives, but the company reduced and withheld substantial bonuses due to ongoing lawsuits. This could potentially impact investor sentiment.
The news about the former CEO's pay rise and the reduction of bonuses due to lawsuits could potentially negatively impact investor sentiment towards Qantas Airways. This could lead to a decrease in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100