Former Qantas CEO Geoff Dixon paid $11m in last year

[Slats7]

Former Qantas CEO Geoff Dixon paid $11m in last year | The Australian

FORMER Qantas chief executive Geoff Dixon is set to anger unions one last time after the airline's annual report revealed today he received almost $11 million in cash and other benefits last financial year, despite serving in the top job for just five months before stepping down.



Mr Dixon’s cash and non-cash benefits fell from $5.54 million to $2.06m, but his package was boosted by $3.17m in share-based payments, a $3m superannuation deal, $1.72 million in annual leave payments and a $657,500 termination payment.



Mr Dixon ended his eight-year tenure as Qantas chief executive on November 28 last year, and served as a consultant to the company for a further four months.

 

[odysseus]

I'm sure he believes there's nothing like going out on a high note.

 

[simongr]

Or being paid what you contractually obliged to be paid as approved by the independent Board of Directors.

I am intrigued by the 600K termination payment as I would expect something like that to be paid if the person didnt choose to leave their employment rather than simply resigning.

 

[ejb]

Hi all,

As the boss of an airline that has been profitable while many world airlines are lossing bucket loads of money everyday I think he got what he deserved.

Plenty of CEO's are paid more while their companies are losing money.

ejb

 

[samh004]

$11 million does seem a little unreasonable, however he has kept the airline profitable while many other airlines have been losing money, so he has deserved some bonus payments for sure. I do think that figure might be a little much though.

 

[simongr]

Dont forget that is a termination payment. Dixon has been with QF for a long time with all the rights and entitlements that other long term employees have.

Thankfully we don't live in a state where governments run corporations so companies are free to pay their management whatever is approved by the shareholders (who are predominantly super and investment funds).

My suggestion to anyone who disapproves of the payment is to find out if your super fund voted in favour of the QF director's remuneration and move your funds if they did.

 

[odysseus]

Given that companies aren't even required to comply with direct shareholder's votes on their remuneration strategy, changing super funds for a vote that is not disclosed and not asked for will have no impact on their actions. A superannuation fund is also a package of things, so just like voting for a political party, you may not agree with all their policies, but you just have to choose the one that you believe most suitable overall. Making a rash decision because of a single action you disagree with would be cutting your nose off to spite your face.

 

[serfty]

Dont forget that is a termination payment. Dixon has been with QF for a long time with all the rights and entitlements that other long term employees have. ...

I believe the "termination" component was a little under $¾M.