Qantas chief executive Alan Joyce’s pay fell to $1.7 million in the 2020 financial year after he accepted a salary cut and missed out on bonuses amid the airline’s COVID-19 shutdown.
The latest pay cheque is down from $9.9 million a year earlier and a far cry from the $24 million Mr Joyce took home in 2018, when he was Australia’s highest-paid executive.
But the airline offered its CEO an additional $1.3 million worth of company shares as a reward for its share price not falling as much as those of rival carriers during the pandemic, according to Qantas’ annual report published on Friday. Mr Joyce chose not to accept his 343,500 new shares immediately and would decide after a year whether to accept them or let them lapse, the airline said.
Qantas’ executive team took a three-month pay freeze and did not receive any short-term bonuses after the pandemic forced it to stand down around 20,000 employees, lay off close to 8000 workers and pushed the airline to a $1.9 billion loss.