Two lines seem to have been missed or glossed over in the article above. Namely
"But the airline pointed out that Mr Joyce's final salary package included share-based bonuses - that hinge on meeting performance targets - that he may never received.
A spokesman said that the airline considered his final vested salary as more realistic and this had declined from $3352 million in 2010 to $3.043 million this year."
So his actual cash salary has dropped from (I assume $3352m is really $3.352m) to $3.043m (about 10%) but the whole package has been beefed up with "share based bonus that hinge on meeting performance targets"
So in reality he has taken a cash pay cut and is gambling that the changes he and the board are making will result in the performance targets being met and the share price improving.
Maybe the pilots etc need to do the same. Take a 10% pay cut and then put some faith in the board that the company will grow and prosper. Reckon that will happen? Nope.
Last edited by Ash W; 8th September 2011 at 08:48 AM.
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