Qantas Chief Executive Officer Alan Joyce’s pay packet for the last financial year has blown out to a whopping all time high thanks to a rapid boom in profit and stock levels.
Mr Joyce’s exact earnings for 2016-17 will be disclosed in an annual report this week but he’s expected to have raked in a record $25 million.
That’s almost double of the $13 million he earned in the 2015-16 year.
Qantas Chief Executive Officer Alan Joyce’s pay packet for the last financial year has blown out to a record $25 million, almost double the $13 million he made the previous year
He will have picked up just under the combined earnings of the national big four bank CEOs, and roughly about three times more than the average Australian wage.
The giant monetary blowout is a reflection of the company’s significant growth since it suffered a major $244 million loss in the 2011-12 financial year, when Mr Joyce made the shock decision to ground its entire fleet.
The commercial giant has since been well and truly revived, with it’s 2013-14 loss of $2.84 billion an incredibly stark contrast to it’s recorded $1.4 billion profit for the latest year.
Its stock prices are a clear sign of the company’s prosperity, having hit the depths of about $1.40 in 2014, and now peaking at $5.70.
The $3.25 million worth of vesting shares awarded to Mr Joyce 2014 went from being worth $4.5 million back then, to now a staggering $18.6 million.
The massive return will make up the most-part of Mr Joyce’s overall cheque, with the rest of his pay maxing out at just more than $2 million.
Bonuses will bump the Irish-born businessman’s total pay up to $25 million and it’s possible it could be even higher.
The giant monetary blowout is a reflection of the company’s significant growth since it suffered a major $244 million loss in the 2011-12 financial year
The commercial giant has since been well and truly revived, with it’s 2013-14 loss of $2.84 billion an incredibly stark contrast to it’s recorded $1.4 billion profit for the latest year
The company’s shares have also quadrupled from $2.5 billion to a remarkable $10 billion since 2014.
It’s not quite the same story for Commonwealth Bank CEO Ian Narev, who copped a 20 per cent pay cut to his $12.3 million salary following the business’s money-laundering scandal.
Shareholders are also unlikely to be impressed with stock prices having plummeted in the wake of the scandal being highly publicised.
Mr Narev announced he would retire by the end of 2018, just days after receiving news of his significant salary cut.
The company’s shares have quadrupled from $2.5 billion to a remarkable $10 billion since 2014