Australia's Qantas Airways Ltd. QABSY former CEO Alan Joyce reportedly saw a significant increase in his pay, rising by 872% in FY23, as he cashed in long-term incentives upon retiring.
This substantial increase was primarily due to years' worth of long-term incentives that Joyce cashed in as they vested, reported Reuters. In the previous year, his total pay was A$2.3 million.
Joyce took home A$21.4 million in the 2023 financial year. However, the report noted the company decided to reduce and withhold substantial bonuses in response to ongoing lawsuits.
Alan Joyce retired early this month after a regulator lawsuit accused Qantas of selling tickets on thousands of already-cancelled flights.
"In recognition of the customer and brand impact of cumulative events, the Board has applied its discretion to reduce short-term incentives" for Joyce and other executives, Chairman Richard Goyder stated in the report.
The report mentioned that 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. Additionally, it noted the possibility of reclaiming unvested stock bonuses for Joyce, currently valued at A$6 million.
Price Action: QABSY shares closed lower by 0.68% at $17.56 on Tuesday.
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