Vanessa Hudson, who will replace Alan Joyce as Group CEO of Qantas in November 2023, will receive a fixed annual salary of $1.6 million per annum, the airline has revealed. But she could eligible for up to $5.8 million.
Key Takeaways
- Qantas revealed Joyce would be stepping down from his role in November 2023.
- Hudson, who is the Group’s current chief financial officer, will continue in her role until then.
- In a statement to the ASX, Qantas confirmed Hudson will receive a $1.6 million base salary – a 50 per cent increase on her current base pay.
- Hudson’s total target remuneration, which includes short and long-term bonuses, is actually around $5.8 million. But whether she takes home this amount is dependent on the Group meeting various targets, like group financial performance, transformation and growth, customer targets and even climate targets.
- Hudson’s base pay is still subject to shareholder approval in November, just as Joyce’s remuneration has been voted on each year (with at least a 90 per cent ‘yes’ vote for the last 15 years).
- Joyce’s base pay was $2.17 million and his total target remuneration was $8.4 million, making Hudson’s base 25 per cent lower and her target 30 per cent lower. However, Hudson’s target remuneration is $500,000 higher than Joyce’s during his first year as CEO.
Related
Qantas chief Alan Joyce has announced he will be stepping down from his role in November 2023 and will be replaced by the Group’s current chief financial officer, Vanessa Hudson.
Joyce has led Qantas since 2008, but was expected to retire at some point in 2023 after seeing the airline through the COVID pandemic.
“At the Board’s request, I extended my time as CEO to see through the COVID recovery plan, so now that we’re on the other side of that crisis it’s a logical time for me to step down,” Joyce said.
“There’s still a lot I want to deliver in the next six months and at the top of that list is ensuring a smooth handover to Vanessa, who I’m sure will excel in the role.”
Hudson, who joined Qantas in 1994, has held a number of senior commercial, customer and finance roles across the Group in Australia and overseas. In 2018, she assumed the position of Chief Customer Officer, and in late 2019 became the Group’s CFO. She held this position throughout the COVID crisis and will continue in her current role, while also being the CEO designate and joining the Board, before taking over as the company’s 13th CEO in 103 years.
“Vanessa has a deep understanding of this business after almost three decades in a range of roles both onshore and offshore, across commercial, customer and finance. She has a huge amount of airline experience and she’s an outstanding leader,” Qantas chair Richard Goyder said.
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