Australia’s Qantas Airways said its former CEO took a pay increase of 872% as he collected years’ worth of long-term incentives on the way out, but added it was cutting and withholding hefty bonuses amid damaging lawsuits.
Alan Joyce, who retired early this month after a regulator lawsuit accused Qantas (QAN.AX) of selling tickets on thousands of already-cancelled flights, took home A$21.4 million in the 2023 financial year, according to the company’s annual report, published on Wednesday.
Most of the amount was share-based incentives that Joyce was allowed to cash in after they vested, according to the report. Joyce’s total pay for the previous year was A$2.3 million.
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