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Qantas CEO Alan Joyce's early resignation has been followed by a reduction in his bonuses, which the airline's board claims is part of a broader effort to improve governance and stakeholder relations. Despite these measures, Joyce will still receive AU$14.3 million (US$9.4 million) after leaving the company, a figure that includes a significant cut from his long-term bonus and short-term incentives.
The board's decision comes after a governance review aimed at addressing issues within the airline. The leader of the review stated, "Many of the actions taken by Qantas in response to the recommendations are complete or well underway." He added that while some recommendations would take time to implement fully, tangible benefits were expected soon if current efforts continued.
The incoming board chairman expressed optimism about the changes, stating that awarding Joyce $10 million, engaging employees better, and updating customer metrics indicated that "the airline [is] steering itself in the right direction."
