Joyce joins the gravy train!
A report by Steve Creedy, Aviation writer at The Australian says that incoming Qantas CEO Alan Joyce has outgunned his peers to receive a 44 per cent pay rise last financial year, with his short-term benefits rose from $1.66 million to $2.4 million.
The airline’s annual report shows this included a 40 per cent increase in salary, to $1.1 million, and a 56 per cent rise in cash incentives, to $1.21 million, as Jetstar went from strength to strength.
Mr Joyce was also paid almost $96,000 in non-cash benefits and received long-term benefits under various incentive schemes worth $1.63 million at June 30.
Mr Joyce’s increase was the biggest in terms of short-term incentives of any top Qantas executive, although most saw substantial boosts in their long-term benefits due to the addition of a retention plan endorsed by shareholders at last year’s annual meeting.
Chief executive Geoff Dixon’s short-term pay rose a modest 3.4 per cent in 2007-08 but the value of his long-term benefits soared 159 per cent.
Mr Dixon’s salary, cash incentives and non-cash benefits increased from $5.35 million to $5.54 million.
But the supplemental market value of his long-term benefits rose from $1.49 million to $3.85 million.
The increased benefits were based on a June 30 share price of $3.04, compared with last night’s close of $2.50, and included an additional $4.45 million from the retention plan endorsed at last year’s annual meeting.
Former chief financial officer Peter Gregg was the next most highly paid Qantas executive, with short-term benefits of $3.06 million and long-term benefits worth $1.99 million at the end of the financial year.
Qantas executive general manager John Borghetti earned $2.69 million in short-term benefits with long-term benefits also valued at $1.99 million.
Chairman Leigh Clifford earned $294,447.
Mr Clifford said in his report that Qantas was well placed to chart its way forward in what was the most challenging environment the airline industry had ever faced.
Joyce’ salary as CEO of Qantas has not yet been revealed, but whatever it is, if it is lower than Dixon’s then The Mole supposes that some savings have been made!
A Report by The Mole
John Alwyn-Jones
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