Former Qantas boss Alan Joyce will enjoy $100,000 in free business class travel each year for the next two decades as part of his generous executive benefits.
Joyce and her husband Shane Lloyd will be able to take four long-distance trips and twelve shorter trips free of charge each year until 2046.
The total value of such a package is estimated at $2 million per person; A return flight to Dublin, Joyce’s native country, alone costs $20,000.
The benefits are awarded to all retired Qantas executives and their nominated beneficiaries, allowing them to fly free for as many years after their departure as those who had worked for the airline.
Joyce has been with Qantas for 23 years (joining in 2000 and resigning in 2023), meaning she will fly free until she is 80.
The generous package, which is ultimately paid for by Qantas customers, makes up for the removal of $9.26 million from Joyce’s remuneration package in August.
Qantas announced it would reduce its remuneration from an initial $11.919 million in 2022-23 after a review blamed it for damaging the airline’s reputation.
Having led Qantas as chief executive for 15 years, Joyce resigned amid intense criticism over canceled flights, lost luggage and accusations of exploiting customers with exorbitant prices.
Former Qantas boss Alan Joyce will enjoy $100,000 in free business class travel every year for the next two decades thanks to generous executive benefits.
Proxy advisory firm Ownership Matters said airline executives retain access to free flights once they depart.
Qantas board members are slightly worse off than Joyce, receiving three long-haul and nine short-haul flights each year, according to the advisory group.
Former Qantas loyalty program boss Olivia Wirth has also been granted access to the benefit for the next 14 years after leaving the airline in February.
She was first hired at the national airline in July 2009 as head of corporate affairs and government relations before joining Myer as a non-executive director.
Wirth’s resignation also came with a prorated “good graduate” bonus of $579,000 in cash and stock, his prorated nonvested long-term incentive awards and a severance package of $479,000.
Qantas representatives told Ownership Matters that Wirth’s good exit bonus “reflected the fact that Myer was not a competitor” and guaranteed a good handover.
Joyce and Wirth kept their free flights despite Qantas reducing their “travel benefits” during the last financial year.
“The cost of travel benefits disclosed for financial year 2024 was $374,000 (up from $435,000 in 2023) and $124,000 accrued for post-employment travel (up from $100,000 in 2023),” the firm said in a statement. Australian financial review.
Qantas has spent the last year since Joyce’s resignation trying to revive the airline’s damaged reputation among customers.
Mr Joyce will be allowed to fly first class for free until 2046 after shareholders agreed to extend the benefit for each year he was with the airline (pictured, Mr Joyce at Sydney Airport).
Changes to executive compensation packages include making brand reputation a measure of performance.
“Qantas has made significant progress over the past 12 months, but we know there is much more to do to restore trust with our customers,” Qantas chairman Richard Goyder said in a statement.
‘We have seen strong improvement in on-time performance, customer satisfaction and reputation for both Qantas and Jetstar, and the group is delivering strong financial performance.
‘It is this financial strength that means we can continue to invest in new aircraft, improving the experience of our customers and our people.
“The board has listened to feedback regarding our executive pay structure and has made a number of changes that we are confident will foster better outcomes for our stakeholders.”
The revelations about Joyce’s free travel come after the former Qantas boss was seen waiting for his luggage at the Sydney Airport carousel early on Monday morning, having arrived from an overseas trip.
Evidently, the old boss couldn’t cheat with carry-on luggage, since he had to wait on the carousel along with all the other bleary-eyed passengers spending the night.
