gross, excessive, greedy

Alan Joyce recieves a 71% pay increase, yet won't give his employees a 3% pay rise and sacking them left, right and centre.

Qantas chief's pay rise sparks anger



Matt O'Sullivan
September 7, 2011 - 2:52PM.



Alan Joyce's pay rose 71% last year - while shares fell 16%. Photo: Quentin Jones

Qantas chief executive Alan Joyce has received a 71 per cent increase in his total pay to $5 million, fuelling further union anger over the airline's plans to cut 1000 staff.

The boost to Mr Joyce?s total pay also comes amid a bitter industrial dispute between management and key unions representing pilots and aircraft engineers over pay and conditions.

Qantas?s annual report, released today, reveals Mr Joyce earned a total of $5 million for the year to June 30, compared with $2.9 million a year earlier. Qantas?s share price fell 16 per cent over the same period, while the airline's profit doubled.

Mr Joyce's latest package includes $2.04 million in fixed pay and $2.2 million in short-term benefits.

All of Qantas?s senior leadership team received a boost to their total pay in a year in which the company more than doubled its annual net profit to $249 million.

Unions lashed out at the executive pay rises, which have been revealed three weeks after the company announced that it will axe 1000 jobs ? mostly pilots, engineers and cabin crew ? and set up two new airlines in Asia.

??It is certainly disappointing and it smacks of profiteering at the expense of workers,?? said Richard Woodward, the vice-president of the Australian and International Pilots Association. ??It shows the disconnect between the senior management of the company and the workers.??

Jetstar?s chief executive, Bruce Buchanan, received a total package of $1.4 million, compared with $1.1 million a year earlier, while Qantas?s operations chief, Lyell Strambi, saw his pay rise from $1.2 million to $1.7 million.

The second-highest paid executive was Rob Kella, Qantas?s former chief risk officer who officially left the airline on July 1 ??as a mutually agreed termination??.

His pay package for the year totalled almost $1.8 million, compared with $1.26 million in 2009-10. Mr Kella did not receive a termination payment nor a payment in lieu of notice.

The chairman of the airline?s remuneration committee, James Strong, said in the annual report that the board had achieved ??what we believe is an appropriate mix of fair reward, retention of key executives and alignment with the interests of the shareholders of Qantas??.

??This has been a year where company performance has been good relative to the challenges faced, and where a strong performance by management has produced what is, in the circumstances, a satisfactory profit outcome,?? he said.


Read more: http://www.theage.com.au/business/qantas-chiefs-pay-rise-sparks-anger-20110907-1jx7b.html#ixzz1XF43nEeV