{"id":6809,"date":"2023-09-05T05:51:39","date_gmt":"2023-09-05T05:51:39","guid":{"rendered":"https:\/\/prosfunds.com\/business\/qantas-chief-alan-joyce-steps-down-early-as-airlines-reputation-slides\/"},"modified":"2023-09-05T05:51:39","modified_gmt":"2023-09-05T05:51:39","slug":"qantas-chief-alan-joyce-steps-down-early-as-airlines-reputation-slides","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=6809","title":{"rendered":"Qantas chief Alan Joyce steps down early as airline\u2019s reputation slides"},"content":{"rendered":"<div>\n<p>Receive free Qantas Airways Ltd updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>We\u2019ll send you a <i>myFT Daily Digest<\/i> email rounding up the latest<!-- --> <!-- -->Qantas Airways Ltd<!-- --> news every morning.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=2fecdf70-a150-4734-bda9-83b9b9ea5753&amp;concept-id=574571fe-c440-4ed5-8d40-4eda7f0e54c6\"><\/iframe><\/div>\n<div data-attribute=\"article-content-body\">\n<p>Alan Joyce is to step down early as Qantas chief executive as the Australian airline attempts to rebuild following a series of scandals that include selling tickets for thousands of flights that had already been cancelled.<\/p>\n<p>Joyce has led Qantas for 15 years and hoped to bow out on a high after the \u201cFlying Kangaroo\u201d reported a record annual profit last month. He had set in place plans to overhaul its fleet, using funds freed up from cost savings that have created a stronger balance sheet.<\/p>\n<p>However, he brought forward his planned retirement by two months after a series of controversies that have damaged the airline\u2019s reputation.<\/p>\n<p>Joyce said in a statement that he would hand over control to his successor Vanessa Hudson on Wednesday and added that recent events had shown \u201crenewal\u201d was a priority for the company. \u201cThe best thing I can do under these circumstances is to bring forward my retirement,\u201d he said.<\/p>\n<p>Australia\u2019s consumer regulator sued the airline last week for allegedly selling tickets for 8,000 flights that had already been cancelled and failing to inform, until the last minute, passengers on 10,000 flights that needed to be rearranged.<\/p>\n<p>The airline could face a fine running to hundreds of millions of dollars if found guilty.<\/p>\n<p>Qantas also had to reverse a plan to cancel more than A$500mn ($321mn) of customer credits related to flights that were grounded during Covid-19 after it faced a lawsuit against the move.<\/p>\n<p>The airline has also been caught up in a political scandal after Joyce told a senate inquiry that he had written to the government to argue that allowing rival Qatar Airways to land more planes in Australia would distort the market at a time when the aviation industry was recovering from Covid-19.<\/p>\n<p>That led to accusations from other airlines and travel agencies that the government was protecting the national carrier. Prime Minister Anthony Albanese this week denied that he had been lobbied by the Qantas chief executive over the Qatar issue.<\/p>\n<p>Qantas has come under pressure from shareholder groups and unions to reduce bonuses and share awards for Joyce, who sold A$17mn worth of shares in June. He was awarded almost A$11mn of shares under the company\u2019s bonus plan last week.\u00a0<\/p>\n<p>That has drawn the ire of investors including superannuation funds.\u00a0Rachel Waterhouse, chief executive of the Australian Shareholders\u2019 Association that represents retail investors, said the company\u2019s board \u2014 led by chair Richard Goyder \u2014 was under pressure to reduce bonuses for Joyce and other executives in light of the legal action that had damaged the company\u2019s reputation.<\/p>\n<p>Michael Keane, national secretary of the Transport Workers Union, which has sparred with Joyce during his long tenure, said the chief executive should be stripped of his bonus. \u201cThis is a classic Joyce move: pretend to take responsibility while pocketing obscene amounts of money,\u201d he said in a statement.<\/p>\n<p>A Qantas spokesperson would not comment on whether Joyce\u2019s pay would be reviewed. The company will release details about bonuses at the end of this month.<\/p>\n<p>Joyce, who started his career at Aer Lingus before emigrating to Australia at the turn of the century, is one of Australia\u2019s most prominent business executives and has been praised by investors for overhauling the airline\u2019s balance sheet, reducing costs and saving the airline from collapse during the pandemic.<\/p>\n<p>However, he has polarised opinion as the airline\u2019s reputation for excellent customer service has deteriorated. The term \u201cJoyced\u201d entered the Australian lexicon last year to describe being left stranded at an airport.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/2fecdf70-a150-4734-bda9-83b9b9ea5753\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Receive free Qantas Airways Ltd updates We\u2019ll send you a myFT Daily Digest email rounding up the latest Qantas Airways Ltd news every morning. Alan Joyce is to step down early as Qantas chief executive as the Australian airline attempts to rebuild following a series of scandals that include selling tickets for thousands of flights [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-6809","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Qantas chief Alan Joyce steps down early as airline\u2019s reputation slides | Prosfunds<\/title>\n<meta name=\"description\" content=\"Receive free Qantas Airways Ltd updatesWe\u2019ll send you a myFT Daily Digest email rounding up the latest Qantas Airways Ltd news every morning. 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