Qantas CEO pay sinks 83% to $1.2m as Covid axes bonus

Qantas Airways CEO Alan Joyce’s compensation fell 83% to A$1.7m ($1.2m) in the year ended June as the airline slashed salaries and bonuses to save money during the coronavirus crisis. Joyce went without pay from early March until August, when he started taking 65% of his base salary, Qantas said in a statement Friday. He got no bonus for the fiscal year, and opted not to receive 343,500 shares tied to his long-term incentive from 2017. Qantas is cutting as many as 8,500 jobs to weather a near-halt in income due to virus-related travel restrictions. Joyce has previously been one of Australia’s best-paid executives, receiving more than A$6 million for five straight years as record earnings propelled the airline’s stock. Qantas Chairman Richard Goyder also waived his fees from early March until August. Total executive pay at the airline for the year ended June dropped 69%, the company said.<br/>