Alan Joyce to leave Qantas immediately

TiredOldFlyer said:
Take the Money and run comes to mind or perhaps if it's too hot get off the fire.
I suspect the Board have woken up .
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The Board were in control of all the decision making. They are as culpable as he is, they, along with shareholders decide any bonus, and the direction in which the company moves.
 
Like others, I think the Board should be renewed and the chair follow Joyce out the door. VH comes from the same culture, so it will be difficult for her to make meaningful change.

Where will AJ go? Overseas?
 
pauly7 said:
Yes and airline boards in this country right now and in recent history are in a world of pain with Virgin Australia’s board staring down an enormous class action 😱
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Can board members (Virgin and Qantas) be held personally responsible??

As in if Virgin lose their court case, how will the individual board members be ‘punished’?
 
I reckon he jumped ship early because for whatever reason the media stopped backing him.

Despite all the controversies over the years he was always able to distract with emotional marketing campaigns and big media announcements with huge endorsements from most major journalists/TV networks.

In recent weeks the media has turned on him hard from all angles be it the Qatar scandal, ACCC scandal, COVID credits or the TWU illegal sackings. The list goes on. Without this media magic to sweep everything under the carpet he lost his biggest weapon and its all coming crashing down.

Now left for Vanessa Hudson to clean the mess and it remains to be seen if the media will back her.
 
TiredOldFlyer said:
Take the Money and run comes to mind or perhaps if it's too hot get off the fire.
I suspect the Board have woken up .
Click to expand...
He didn't retire early he resigned, it's as simple as that. They can frame it however they like but the fact of the matter is Qantas is facing millions perhaps hundreds of millions of dollars in damages due to the ACCC investigation. The board needed a scapegoat, a fall guy, and Uncle Alan fit the picture here perfectly. Besides which he was already on the way out. No doubt the board told him, resign now and you'll get to keep your bonuses or wait a second longer and face the possibility of being pushed out of the job with no bonuses.

By the way, as much as I do from time to time scold the guy, I actually think Uncle Alan wasn't a bad CEO all things considered. Sure there were some cutbacks in some areas but he didn't completely run Qantas into a wall either. I think one needs to look at the airlines in the US be it Delta or United where frequent flyer programs were enhanced. Is customer service better over there? Certainly. But the lounges are cramped, lounge access is limited, and it takes a good $20K in spend to get any decent frequent flyer status.

-RooFlyer88
 
RooFlyer said:
He's previously said that he'll be going on an Antarctic cruise just after retirement. I'm wondering if it will be the one that I'm going on :)
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If he is in your cruise you mind doing us a favour? Greet him outside his room every morning and proceed to spend the next 45 minutes lecturing him about the subpar experience travelling in HBA including the joke of the Qantas lounge set up there.
 
kangarooflyer88 said:
If he is in your cruise you mind doing us a favour? Greet him outside his room every morning and proceed to spend the next 45 minutes lecturing him about the subpar experience travelling in HBA including the joke of the Qantas lounge set up there.
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I appreciate the sentiment, but in all seriousness, I'd leave the poor beggar alone and should I happen to meet him in a bar or something, totally avoid 'the subject'.

pauly7 said:
Yes and airline boards in this country right now and in recent history are in a world of pain with Virgin Australia’s board staring down an enormous class action 😱
Click to expand...

Great to see Virgin make its customary appearance. :). But you are right. Qantas has its own class action. Qantas COVID-19 Travel Credits Class Action — Echo Law
 
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I don't know if executive bonuses (in particular AJ's) are contained in the 'Remuneration Report' (RM) that shareholders have to vote on, at the AGM (I think they will be), but the RM is one where shareholders can tactically vote to 'send a message' or directly make a hit on the Board.

A 25% 'no' vote at an AGM (a 'first strike') has explanatory consequences in the following year, and a 25% 'no' vote in that following year ('second strike'), forces a spill resolution of the board can be put (ie directors have to be re-voted in). First strikes are quite a big thing and I'm not sure if a second strike has ever occurred in a large company.

An explanation here:

Executive remuneration: a quick guide

13 September 2022 PDF version [531 KB] Paula Pyburne and Jaan Murphy Law and Bills Digest Section This Quick Guide explains the requirement for certain corporations to have an Annual General Meeting; the rules which allow shareholders to vote against a motion to
www.aph.gov.au www.aph.gov.au

I think Qantas will be concerned about the prospect of a First Strike, not so much that it may occur, but the damage discussion of even the possibility of it will do.

A 25% 'no' vote will mean some VERY unhappy major shareholders and I think unlikely that if there such unhappy ones, it will be allowed to spill into the AGM.

In all this, the role of 'proxy advisors' - organisations who advise shareholders on issues affecting companies and how the shareholders should vote on particular resolutions - becomes significant. They can instigate momentum towards a negative vote on the company.

This Sydney Morning Herald article explores some of the issues and roles/opinions of 'proxy advisors' WRT Qantas' AGM.

‘This is just the first step’: Investors cautiously welcome Joyce exit'​

 

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