Outgoing Qantas CEO sells more than $17m of airline shares

Qantas’ outgoing CEO Alan Joyce sold 2.5 million shares in the airline yesterday afternoon for a price tag of more than $17 million.

Joyce reportedly held the shares since 2012 when they were worth approximately $1.50. When the shares were sold yesterday afternoon they were valued at $6.74.

Sky News reported that the CEO has 228,924 shares remaining.

Following the sale, Qantas’ stock price dropped to $6.35, but it has grown exponentially over the past 12 months. The share price hit a pandemic low of $2.36 in March 2020 but has almost tripled this price as of today.

Outgoing Qantas CEO Alan Joyce

Joyce’s share offload comes a few months after announcing that he would be stepping down from the chief position, with Vanessa Hudson, the carrier’s current CFO, announced as the successor for November this year. Hudson will be the first ever female CEO of the airline.

Joyce said he felt “bittersweet” about leaving the airline but that he’s looking forward to the future.

“Qantas is a big part of my life after that length of time, it’s an iconic brand, I will miss the company and the people,” he said.

“At the same time I’m really excited about future opportunities and myself and my husband are staying here in Sydney and we are looking forward to doing a lot more in the community here.”

The stock sale comes days after purchasing a penthouse in The Rocks overlooking the Sydney Opera House for $9m.

The Australian Financial Review reported that Joyce and his husband are looking to double the size of their CBD apartment after purchasing a second half-floor apartment next to the property. The publication also reported that the couple will sell their $19m Mosman home that they have held for a bit over a year.

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