Qantas chief's pay nosedives as slump hits airline profits

QANTAS&rsquo; chief executive Alan Joyce saw his earnings plummet by 28 per cent last year as the Australian flag-carrier&rsquo;s low share price took its toll.<br /><br />Joyce, who took on the top job in November last year &ndash; just as the airline industry began to falter &ndash; was <br />paid A$3.7m (&pound;1.8m) for the year to June.<br /><br />The sum is down from the A$5.1m he trousered the previous year, while he was running discount carrier Jetstar, a Qantas subsidiary.<br /><br />Joyce&rsquo;s promotion to Qantas boss saw his salary hit A$1.7m, up from A$1.1m, but the value of his share-based income fell by over A$1m.<br /><br />Because of the downturn, he received no short-term cash incentives, which had earned him A$1.2m as the head of Jetstar in 2008<br /><br />Geoff Dixon, the previous Qantas chief executive, received an annual income of A$10.7m for the period, despite serving for just five months of the year. <br /><br />The former boss, who ran Qantas for around eight years, saw his remuneration package boosted by A$2.4m in unused annual leave and a termination payment. <br /><br />Qantas shares slumped by 34 per cent in the year to June, as the group followed the trend across the industry and reported massive losses in the second half.<br /><br />Joyce has been seeking to tackle the massive slump in business and first class travel, which has been exacerbated by a huge number of job losses in financial services, by slashing fares and offering two-for-one promotions on premium class tickets.<br />