Qantas had been under pressure from politicians, investors, employees and customers to claw back about $11 million of Joyce’s bonuses from his final pay packet.
Former Qantas chief executive Alan Joyce has been docked more than $9 million from his pay following a board commissioned review of the airline businesses’ management.
McKinsey partner Tom Saar, who authored the review, found Qantas centralised decisions and overly relied on Joyce, who held executive roles at the group since 2003, to make decisions. Newly minted Qantas chair John Mullen said the board needed to understand the cause of Qantas’ problems following the COVID-19 pandemic as it was clear “we let Australians down”.“ It is our duty to make sure we always act in the best interest of stakeholders and hold ourselves to the highest level of accountability,” he said.
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