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Qantas, the Australian airline, has announced that it will reduce the exit payout of its former CEO, Alan Joyce, following a string of scandals and expensive legal proceedings resulting from decisions taken while he was in charge.

The company told investors that Mr. Joyce’s compensation of A$21.4m ($14m; £11m) should have been reduced by A$9.26m when he left last year.

The company also reports that the short-term incentives of other senior executives, both present and past, will be reduced by 33 percent.

The announcement coincided with the release of Qantas’s review findings on the company’s operations.

“The events that harmed Qantas damaged its reputation, and strained relationships with customers, employees, and other stakeholders were due to various factors,” the airline stated.

“The review discovered that mistakes were made by the board and management, even though there was no evidence of deliberate wrongdoing.”

Over his fifteen years as CEO, Mr. Joyce guided the business through the pandemic, record fuel costs, and the global financial crisis of 2008.Read More-https://24x7newsroom.com/