Virgin head’s pay package soars
A report in The Australian says that Virgin Blue chief executive Brett Godfrey’s remuneration package rose 45 per cent in 2006-07 to fall a whisker short of $2 million, up from $1.37 million the previous year.
The airline’s annual report yesterday revealed that a salary of $619,000, a cash bonus of $547,000 and stock options valued at $711,000 comprised the bulk of Mr Godfrey’s package of $1.99 million.
The earnings boost came as Virgin’s net profit for the 2007 financial year rose 93 per cent to $216 million.
Other key management personnel earned between $416,000 and $1.15 million.
Board chairman Neil Chatfield’s salary came in at $97,000.
In his chairman’s report, Mr Chatfield said the next 12 months would be a period of steady expansion for the three-airline group as it entered into the New Zealand domestic market, expanded its Australian domestic network and launched its new international carrier, known as V-Australia.
The airline’s domestic growth includes the delivery of 20 Embraer jets over the next 18 months as well as the addition of Boeing 737s.
Mr Chatfield said that Virgin Blue had signalled its intention to engineer a significant increase in capacity over the next 18 months in order to accommodate growth as well as to achieve an increase in its operational efficiency.
“The company is confident of continued strong revenue and yield improvement supported by the further penetration of the corporate travel market, entry to the New Zealand domestic market and progress in the government travel sector,” he said.
The chairman’s prediction came as Virgin’s August traffic figures added to a growing list of indicators showing the continued health of the local aviation market.
Passenger numbers were up by 4.2 per cent on the previous year while the revenue load factor – the proportion of seats filled by paying passengers – rose 2.3 percentage points to 81.6 per cent.
Year-to-date passenger numbers increased 3.6 per cent, while the revenue load factor rose 2.7points to 82.9 per cent.
Virgin will hold its annual meeting in Brisbane on October 24, when shareholders will be asked to elect to the board Toll directors Terry Mallon and John Ludeke as well as approve a grant of 500,000 performance rights to Mr Godfrey.
Report by The Mole from The Australian
John Alwyn-Jones
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