The Qantas board is set to face the big question about the airline’s chief executive succession plan at its AGM.
Shareholders will be asked to approve a potential $13.8 million payday for Alan Joyce, now into his 14th year as CEO of the airline.
Qantas chairman Richard Goyder has said that Mr Joyce is expected to leave by the end of 2023 after overseeing the airline’s recovery from the pandemic.
“The succession plan is important from a confidence perspective for shareholders,” said Australian Shareholders Association CEO Rachel Waterhouse.
“The organisation has been very reliant on one individual for a period of time. He’s done really well at several points in time, but retail investors will want to see some succession planning in place.”
Like many international airlines, Qantas has been hit hard by the pandemic.
The company has had to axe thousands of jobs and stand down tens of thousands of employees. However, Mr Joyce has been widely credited with steering the company through the crisis and positioning it for a strong recovery.
Under his leadership, Qantas was the first airline in the world to receive carbon-neutral status.
The next leader
It’s one of the most prominent business jobs in Australia, and Qantas punches well above its weight on the international aviation stage, thanks to its ultra long haul flights and long history.
But the top job is somewhat of a poisoned chalice. Dealing with complex unions in a high cost environment and fast-changing aviation world, Joyce’s replacement will need to be a politician capable of attaining the highest office.
