Qantas CEO Alan Joyce’s $24m exit bonus dubbed ‘swindle of the century’ by Tony Sheldon
Despite mounting criticism against Australian airline Qantas, former CEO Alan Joyce is reportedly walking away with a whopping $24 million AUD ($15.3 million USD)—and it hasn’t gone down well with the public.
In a scathing statement, Australian Labor Party senator and former secretary of the Transport Worker’s Union of Australia, Tony Sheldon, slammed the golden handshake as “the swindle of the century.”
The Irish-born boss—who unexpectedly announced on Monday he was stepping down as CEO two months before his planned retirement date—has been accused of mismanaging the company. The airline is currently being sued by the Australian Competition and Consumer Commission for listing and selling tickets for thousands of flights that it already knew were canceled.
“Alan Joyce’s Qantas legacy is a workforce split across 38 companies and a brand now synonymous with low pay, insecure work, illegal sackings and consumer rip offs,” Sheldon said, according to Australian Aviation.
“If the board allows Mr Joyce to walk away with $24 million after illegally sacking 1,700 people, gouging customers and while subject to an ACCC prosecution, it will be the swindle of the century,” he added.
Neither Qantas or Joyce responded to Fortune’s request for comment.
Sheldon claimed the airline’s outsourced baggage handlers earn $65,000 ($41,400 USD) a year, adding: “If Mr Joyce walks away with his $24 million, he will make their annual salary in less than six hours.”
Joyce’s bonus reportedly includes incentives deferred over the past three years during the COVID pandemic.
Assistant national secretary of the Australian Services Union, Emeline Gaske, echoed that workers were “shocked and disappointed” to see such sizable bonuses awarded for a period when there was mass layoffs and wage freezes.
“It is poor practice to reward management for short-term thinking and cost-cutting that has placed enormous stress on customer service staff and diminished the travel experiences of thousands of Australians,” Gaske said, according to The Guardian.
On top of an exit bonus, Joyce has also pocketed more than $10m ($6.36m USD) in shares for meeting the company’s Covid-19 goals.
The board is equally accountable
Qantas’ board has also come under fire in Sheldon’s criticism. He said the board “cannot hide behind Joyce’s resignation” and called on Qantas chair Richard Goyder to hand in his resignation as well.
“The board has backed Joyce’s behavior at every step and must be held equally accountable for the disgraceful state of the company,” he said.
“If Qantas is serious about turning over a new leaf, they will reinstate the 1,700 illegally sacked workers and support closing Joyce’s labor hire loophole,” he doubled down.
Joyce’s successor, Vanessa Hudson—who was promoted from chief financial officer—will be tasked with repairing the airline’s reputation.
“This transition comes at what is obviously a challenging time for Qantas and its people,” Goyder said in a statement. “We have an important job to do in restoring the public’s confidence in the kind of company we are, and that’s what the board is focused on, and what the management under Vanessa’s leadership will do.”
