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Alan Joyce expected to exit Qantas with final $24m payout
Alan Joyce has (almost) left the building.
Following today's shock resignation, and after 15 years as Qantas chief executive, it's estimated Joyce will walk away with up to $24 million in a final cash and share payout.
That eight-figure deal includes a tranche of 1.7 million Qantas shares worth close to $11 million for his stewardship of the airline over the coronavirus pandemic.
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And then there's an expected $12 million in pay and bonuses for 2023, but the precise dollar value won't be known until Qantas publishes its annual report later this year.
But given the storm that has engulfed the airline, particularly the past week, it's possible there may be some eleventh hour revisions to those numbers as pressure mounts on Qantas to hold back bonus payments to its top executives, including Joyce.
Despite Qantas's recent public image issues, to shareholders and the board, the 57-year-old was often worth his weight in gold.
Under Joyce's leadership, Qantas last week delivered a $2.5 billion record profit before tax, and over his years at the helm he oversaw an aggressive restructure of the airline in a manner that boosted profits but made him public enemy number one with unions.
Now, Joyce will hand over controls to incoming chief executive Vanessa Hudson.
Hudson will have to navigate a long-running court battle with the Transport Workers' Union over the illegal sacking of 1700 ground staff at the height of the pandemic, a case it has lost twice in the Federal Court.
But an ever bigger problem is the alleged selling of tickets on ghost flights, investigated by the Australian Competition and Consumer Commission, and now headed for court.
The ACCC said Qantas should be fined hundreds of millions of dollars if a court finds it breached consumer laws for allegedly selling thousands of tickets on 8000 flights it knew were never going to take off.
Humming away in the background is a class action over flights cancelled during the pandemic and intensifying political speculation over an Albanese-government decision to block Qatar Airways from being awarded more routes into Australia.
Joyce never shirked controversy and could be ruthless when it came to tough decisions.
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In 2011, after Joyce announced major restructuring plans, Qantas grounded its entire fleet and locked out staff following arguments with pilots, ground staff and engineers over pay, conditions and the outsourcing of jobs overseas.
Joyce leaves as one of the longest-ever serving chief executives of a major Australia company and perhaps closes the book on 35 years in the aviation sector.
In 1988 he joined Aer Lingus, the flag carrier of the Republic of Ireland, where he worked for eight years before his ambition and reputation pinged Australia's radar.
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Joyce moved to the now-defunct Ansett Australia in 1996 before jumping to Qantas Group in 2000.
Within three years, he made chief executive of Qantas subsidiary Jetstar Airways.
And in November 2008 Joyce was crowned Qantas chief executive.
The next few months were meant to be a smooth-flying swansong for Joyce, who had planned to retire in November, neatly marking 15 years in charge of the flying kangaroo.
But as all passengers know, the seat belt sign can ding at anytime, along with a warning from the captain about turbulence not forecast.
