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Australian airline Qantas says it will slash the exit package of its former chief executive Alan Joyce after a series of scandals and costly legal cases that resulted from decisions made during his time in charge.<\/p>\n
The A$21.4m ($14m; \u00a311m) payout Mr Joyce was due to get after leaving the firm last year will be cut by A$9.26m, the company told investors.<\/p>\n
The firm also says other current and former senior executives will see their short-term incentives cut by 33%.<\/p>\n
The announcement came on the same day as Qantas released the findings of a review of how the company is run.<\/p>\n<\/div>\n
\u201cThe events that damaged Qantas and its reputation and caused considerable harm to relationships with customers, employees and other stakeholders were due to a number of factors,\u201d the airline said.<\/p>\n
\u201cWhile there were no findings of deliberate wrongdoing, the review found that mistakes were made by the Board and management”.<\/p>\n
Mr Joyce, who was chief executive for 15 years, led the company through the 2008 global financial crisis, the pandemic and record fuel prices.<\/p>\n
However, by the time he stepped down in 2023, Qantas was facing growing public anger over high fares, mass delays and cancellations, and its treatment of workers.<\/p>\n
Mr Joyce’s successor, Vanessa Hudson became the first woman to lead the airline when she became chief executive in September last year.<\/p>\n
He had been set to leave the firm in November but stepped down two months earlier than expected.<\/p>\n
At the time, Mr Joyce said recent attention on “events of the past” made it clear this is “the best thing” he could do.<\/p>\n
The airline has been the subject of growing public anger after reaping record profits despite a series of scandals.<\/p>\n
Last year, Qantas lost a High Court case over the sacking of staff during the pandemic. <\/p>\n
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.<\/p>\n<\/div>\n