Qantas reveals pay packet for new CEO

Qantas will pay soon to be minted chief executive Vanessa Hudson’s a base salary of $1.6m when she starts in the role in November, but she may receive millions more if the carrier meets its short and long-term bonus targets. Hudson’s take-home pay could reach up to – or more than – $5.8m, dependent on the group meeting operational and share price targets. She will also be entitled to four long-haul and 12 short-haul trips each calendar year. The company’s shareholders vote on the chief executive’s remuneration at the annual general meeting each November and have voted in favour of current CE Alan Joyce’s remuneration since he took over the airline in 2008. Hudson’s base salary will be 25% lower than outgoing chief Joyce, who’s paid $2.2m, and her target total remuneration figure is about 30% lower than his $8.4m. Joyce was paid 24% less than his predecessor, Geoff Dixon, when he began his 15-year tenure on a $2m salary in 2008. Chairman Richard Goyder announced Hudson’s elevation from CFO this week after a late-night Qantas board meeting on Tuesday, ending months of speculation into the carrier’s succession plan. Joyce faced significant criticism from disgruntled passengers and some employees over his multimillion-dollar pay packet last year, despite the airline’s shareholders voting in favour of his remuneration. He’s eligible for $15.2m in bonuses at the end of this financial year, after deferring his long-term incentives for the past three years. He may also cash in about $4.5m in short-term bonuses depending on the Qantas board’s assessment in August.<br/>