Irish Qantas boss Alan Joyce sees pay rise to €16.5m

Turnaround that saw thousands of job cuts leads to near-doubling of compensation

Qantas chief executive Alan Joyce has seen his pay packet almost double in the latest financial year. Photograph: Lisa Maree Williams/Getty Images

Qantas chief executive Alan Joyce has seen his pay packet almost double in the latest financial year. Photograph: Lisa Maree Williams/Getty Images

 

Qantas chief executive Alan Joyce’s compensation almost doubled in the latest financial year after he helped revive the faltering Australian carrier.

The total package for Asia Pacific’s best-paid airline executive surged to AU$24.6 million (€16.5 million) in the 12 months through June 30th, from about AU$13 million a year earlier, according to the company’s annual report released Friday. His base pay remained unchanged at AU$2.1 million.

Under Irishman Alan Joyce (51) the airline reported its second-highest annual profit on record in August and announced its fourth buyback of stock in two years, marking the successful completion of his three-year turnaround program. The son of a cleaner and cigarette factory worker has cut thousands of jobs, deferred aircraft, retired older planes and dropped unprofitable routes to reverse losses.

Named chief executive in November 2008, Joyce struggled with surging crude oil prices and a capacity rivalry with Virgin Australia amid calls for his firing. Since he unveiled the revival plan in February 2014 to freeze wages and deliver about AU$2 billion in savings in three years, shares of the carrier have quadrupled.

The stock, which fell below AU$1 in June 2012, has rallied 75 per cent this year and reached a record on August 25th.

Originally from Tallaght, Mr Joyce recently donated AU$1 million to a campaign to legalise same-sex marriage in Australia.

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