Alan Joyce’s $16m bonus in the hands of new QF chair 

Alan Joyce’s $16m bonus in the hands of new QF chair 

A high-profile consulting chief has been called in to determine whether or not former Qantas CEO Alan Joyce will collect his final $16m bonus from the carrier.

The payment is reportedly made up of $13.97m in long-term bonuses and a short-term bonus of $2.19m based on meeting specific financial indicators.

Joyce left the top job at Qantas in September last year collecting a final pay cheque of $24m on his way out the door, leaving Qantas in the mud as it battled a flailing reputation.

How big is Alan Joyce’s pay out after leaving Qantas?

Transport Workers Union CEO secretary Michael Kaine criticised the move heavily at the time.

“Alan Joyce is slipping into retirement two months early with a $24 million pay packet, leaving one of the biggest messes in corporate Australia‘s history in his wake,” he said.

“This is a classic Joyce move: pretend to take responsibility while pocketing obscene amounts of money.”

While serving as Qantas CEO, Joyce collected a total of around $170m over 15 years.

First test for new Qantas chair

The Joyce bonus is the first test for John Mullen, the new chairman at Qantas who took over from Richard Goyder earlier this year.

He has acquired the services of former Boston Consulting Group strategy chief Colin Carter who will give independent advice whether or not the payment which is double previous estimates must be made.

The Australian understands Joyce, members of his executive committee as well as select board members were are currently being interviewed.

If Carter and his team of external lawyers from King, Wood and Mallesons do not find any failures on pre-agreed methodology on Joyce’s end, the former CEO will be a step closer to his final pot of gold from the Qantas rainbow.

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