Qantas International CEO to leave

[yzstyle]

Just saw on the news Qantas International CEO will leave the Group.
Potential signs on the extension of airline's grounding for international arms of the operation.
Long road to recovery...

 

[Hvr]

No need to replace them with no international travel in the foreseeable future.

A 'return to work' planner is an essential mid term requirement.

 

[TheInsider]

 

[docjames]

The interesting tidbit in the online articles (eg. theage) is that the senior execs have taken an 85% pay cut whilst the CEO has taken a 65% pay cut.

Shouldn’t it be the other way around?

 

[Carrots]

I guess this means the internal pool for a new CEO is reducing further as well.

 

[ChrisFlyer]

The interesting tidbit in the online articles (eg. theage) is that the senior execs have taken an 85% pay cut whilst the CEO has taken a 65% pay cut.

Shouldn’t it be the other way around?

They've read the announcement incorrectly. The CEO is on 65% of his normal pay (a 35% pay cut), and the other execs on 85% of their normal pay (a 15% pay cut), all until November.

 

[oz_mark]

The interesting tidbit in the online articles (eg. theage) is that the senior execs have taken an 85% pay cut whilst the CEO has taken a 65% pay cut.

Shouldn’t it be the other way around?

They've got it badly wrong if that's what they said.. Here is the ASX release: https://www.asx.com.au/asxpdf/20200824/pdf/44ltc3czj3jzv9.pdf

part of its response to the COVID crisis, the Qantas Group ManagementCommittee took three months of zero pay in the last quarter of FY20 and is on reduced pay (65 per cent for the CEO and 85 per cent for other executives) until November 2020.

 

[jb747]

There's been somewhat of a revolving door for the CEO(I) position. I think it's very much a poisoned chalice.

 

[MEL_Traveller]

Something sounds fishy. Can't afford to keep a CEO on a 85% pay cut for a while? I mean, unless the CEO has another job to walk in to?

 

[AIRwin]

Can't afford to keep a CEO on a 85% pay cut for a while?

Would he have been eligible for JobKeeper?

 

[milehighclub]

Would he have been eligible for JobKeeper?

Jobkeeper is assessed on the business not the individual, so QF can claim the $1500 for pretty much every Australian based employee working or stood down. If they are stood down, they obviously get the full amount, but say they are working and are on $2000 a fortnight, QF is only out of pocket $500.

 

[Quickstatus]

QF is only out of pocket $500.

Job keeper Per employee including management

 

[oz_mark]

Something sounds fishy. Can't afford to keep a CEO on a 85% pay cut for a while? I mean, unless the CEO has another job to walk in to?

They are not on an 85% pay cut.
Anyhoo - for now they don't need the position. The position may return in 12-18 months time.

 

[MEL_Traveller]

Anyhoo - for now they don't need the position. The position may return in 12-18 months time.

99% of business around the country appeared to be concerned that if they didn't have jobkeeper, they'd lose their best staff, and it would take them a long time to get those skilled staff back.

You'd think if you had a really good CEO, you wouldn't want to risk losing them for the sake of another half year?

 

[jb747]

I'd expect you'd have even more need of a decent CEO for the unit if you were planning a restart. That won't happen instantly, and would take months of planning, training, etc.

 

[docjames]

They've read the announcement incorrectly. The CEO is on 65% of his normal pay (a 35% pay cut), and the other execs on 85% of their normal pay (a 15% pay cut), all until November.

They've got it badly wrong if that's what they said.. Here is the ASX release: https://www.asx.com.au/asxpdf/20200824/pdf/44ltc3czj3jzv9.pdf

part of its response to the COVID crisis, the Qantas Group ManagementCommittee took three months of zero pay in the last quarter of FY20 and is on reduced pay (65 per cent for the CEO and 85 per cent for other executives) until November 2020.

Thanks all, article obviously shown to be incorrect. Thanks for the fact check and apologies for the confusion.