The ABC is today reporting that Mr Alan Joyce, former CEO of Qantas, has had his payout reduced by almost $10 million. The statement from Qantas says that while there was no findings of deliberate wrongdoing, the review found that there were mistakes made by the board and management which contributed to significant reputational and customer service issues. The Qantas board will also dock the short term bonuses for current and former senior executives by 33%. Qantas has also made an announcement to the ASX to this effect.
It is nearly 12 months since Mr Joyce parted ways with Qantas, so has Vanessa Hudson been able to fix the 'reputational damage' and 'customer service issues'?
The Board got lucky that Goyder jumped early- it gave them a cover and let the blame sit on Joyce for that astonishing unraveling which happened about this time last year (I can't remember anything quite like it in how something as bland as traffic rights was the tipping point into a great, cross-political and cross-social boilover). Hudson was Joyce's CFO so it's not as if she was blithely unaware of what was happening.
I will say that my broad Qantas experience has been better in 2024 than it was in 2023. I think they realise they are- at best- one more mass cultural meltdown away from a legally enforced passenger charter on refunds and cancellations etc... and are desperate to avoid it.
I agree with clif3012 that their service appears to be a bit better. But VH was AJ's CFO and I see the Jetstarisation of Qantas continuing. Things like classic plus, rewards only available on JQ, international reliability (which isn't measured) and a poor website (that says rewards are available when they aren't) are the critical things they need to address to win back customers from VA and Rex.
There was a lack of Corporate Governance by the board who let AJ steer the ship the way he wanted for his own reward. AJ destroyed the Qantas we knew, VH as CFO also allowed this to happen but the board should have pulled this up rather than just looking at the bottom line of the balance sheet.
The findings of QFs governance review reads like multiple case studies one learns about when doing an MBA or an AICD course. Where is the boards accountability in this? The Chair should loose his ability to serve on any boards, as should the other directors. But they won't of course, because what you also learn about, and then witness is the nepotism that exists within this small group where entry is due to networks and once you're in there is a code.
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Former Qantas CEO payout
Becky1
Becky1
Jetstar Airways - Qantas Frequent Flyer
Member since 04 May 2018
Total posts 33
The ABC is today reporting that Mr Alan Joyce, former CEO of Qantas, has had his payout reduced by almost $10 million. The statement from Qantas says that while there was no findings of deliberate wrongdoing, the review found that there were mistakes made by the board and management which contributed to significant reputational and customer service issues. The Qantas board will also dock the short term bonuses for current and former senior executives by 33%. Qantas has also made an announcement to the ASX to this effect.
It is nearly 12 months since Mr Joyce parted ways with Qantas, so has Vanessa Hudson been able to fix the 'reputational damage' and 'customer service issues'?
clif3012
clif3012
Member since 26 Sep 2023
Total posts 8
The Board got lucky that Goyder jumped early- it gave them a cover and let the blame sit on Joyce for that astonishing unraveling which happened about this time last year (I can't remember anything quite like it in how something as bland as traffic rights was the tipping point into a great, cross-political and cross-social boilover). Hudson was Joyce's CFO so it's not as if she was blithely unaware of what was happening.
I will say that my broad Qantas experience has been better in 2024 than it was in 2023. I think they realise they are- at best- one more mass cultural meltdown away from a legally enforced passenger charter on refunds and cancellations etc... and are desperate to avoid it.
dm12
dm12
Member since 08 Feb 2018
Total posts 211
I agree with clif3012 that their service appears to be a bit better. But VH was AJ's CFO and I see the Jetstarisation of Qantas continuing. Things like classic plus, rewards only available on JQ, international reliability (which isn't measured) and a poor website (that says rewards are available when they aren't) are the critical things they need to address to win back customers from VA and Rex.
APACPete
APACPete
Qantas - Qantas Frequent Flyer
Member since 09 Jun 2017
Total posts 60
There was a lack of Corporate Governance by the board who let AJ steer the ship the way he wanted for his own reward. AJ destroyed the Qantas we knew, VH as CFO also allowed this to happen but the board should have pulled this up rather than just looking at the bottom line of the balance sheet.
Jazzop
Jazzop
Member since 02 Dec 2016
Total posts 123
The findings of QFs governance review reads like multiple case studies one learns about when doing an MBA or an AICD course. Where is the boards accountability in this? The Chair should loose his ability to serve on any boards, as should the other directors. But they won't of course, because what you also learn about, and then witness is the nepotism that exists within this small group where entry is due to networks and once you're in there is a code.