Alan Joyce leaves Qantas: Outrage over CEO's golden handshake as he retires to enjoy a penthouse...

Alan Joyce is departing from Qantas with hefty sums of money, yet he is also facing strong opposition from critics who are demanding the removal of his alleged $24 million parting gift.

In a surprising decision, Mr. Joyce announced that he would resign as the CEO of Qantas on Monday. This comes two months earlier than his initially planned departure in November, amidst accusations of unethical behavior and a decline in customer satisfaction for the national airline.

Following a 15-year tenure as the leader, Mr. Joyce will be receiving a substantial payout of $24 million, commonly referred to as a 'golden handshake'. Interestingly, one of his previous adversaries has criticized this massive sum as the 'greatest fraud of this era'.

Furthermore, in June, Mr. Joyce successfully disposed of his luxurious residence situated in the prestigious neighborhood of Mosman in Sydney. The speculative amount it was sold for was rumored to exceed $20 million, despite the fact that he acquired the property in the beginning of the previous year for a hefty $19 million alongside his spouse, Shane Lloyd.

The couple will not be forced to leave their home as they have opted for a smaller and less expensive penthouse worth $9.25 million. This property was purchased earlier in the year and is located next to another one they already possess at the Cove Apartments situated in Sydney's charming harborside area known as The Rocks.

Alan Joyce is set to receive substantial bonuses as he departs from his position at Qantas, despite the fact that he declared his retirement sooner than expected due to the numerous scandals engulfing the airline.

In order to occupy any free time during Mr. Joyce's retirement at 57 years old, the couple can also escape to their holiday home in the luxurious Palm Beach, Sydney, which was acquired for a sum of $5.25 million in the year 2015.

In addition to the approximately $125 million Mr. Joyce has earned throughout his time as the airline's leader, he will also receive leaving bonuses.

Labor Senator Tony Sheldon, in his capacity as the leader of the Transport Workers Union, did not bid a cheerful adieu. He clashed with Mr. Joyce over the dismissal of 1,700 baggage handlers, a decision that the Federal Court deemed unlawful in 2022.

Senator Sheldon commented on Tuesday that it is the responsibility of the Qantas board and shareholders to revoke Mr. Joyce's bonus.

According to Senator Sheldon, if the board approves of Mr. Joyce receiving $24 million as a result of wrongfully terminating 1,700 employees, exploiting customers, and being under investigation by the ACCC, it will be an unprecedented scam.

The ACCC, a regulatory body for businesses, recently declared its intention to take legal action against Qantas. The airline company is facing penalties of approximately $250 million due to their sale of 10,000 flights that were already voided in mid-2022.

Mr. Joyce now has ample leisure time to indulge in the luxuries of his newly purchased penthouse worth $9.5 million, located at the Cove Apartments in The Rocks district, which is nestled by the breathtaking Sydney harbourside.

Senator Sheldon believes that Mr. Joyce's notable impact on Qantas has been the establishment of a negative reputation associated with low wages, unreliable employment, unlawful terminations, and exploitative practices towards consumers.

Rachel Waterhouse, the CEO of the Australian Shareholders' Association, made an additional request for Mr. Joyce's bonuses to be withheld and reassessed in response to the ongoing ACCC investigation.

"It's a matter of reputation and the board holds the responsibility of overseeing it," remarked Waterhouse.

The brand is declining, and the value of their shares is dropping too. It may be necessary for them to make some choices regarding suspending bonuses or reviewing their compensation.

Senator Sheldon took it a notch higher by insisting that Richard Goyder, the chairman of Qantas, should be the 'next one to leave'.

Senator Sheldon stated that the board has supported Joyce's actions throughout the entire process and should bear the same responsibility for the company's deplorable condition.

On the well-liked Qantas Customers Suggestions, Advice, Inquiries, and Complaints Facebook group, which boasts nearly 50,000 participants, Senator Sheldon's feelings were repeated.

Tony Sheldon, a Labor Senator and former leader of the Transport Union Workers union, is calling for Mr. Joyce to be deprived of his additional compensation. Additionally, he is demanding that the chairperson of the airline resign.

'Great news that Joyce is finally departing, albeit it's been long overdue after 14 years and 364 days. He can reminisce about some remarkable accomplishments: Successfully transforming a leading premier product into a low-cost airline while maintaining exorbitant fares,' shared a commenter.

'Ways to dismantle the core principles of customer service, isolate an exceptional group of employees, and tarnish the reputation of a globally recognized brand, all with the support of a governing body that permitted such actions, while seemingly oblivious to the consequences unfolding under their supervision.'

The decay of a fish typically originates from its topmost part.

The criticisms towards Qantas have been continuous and forceful on the website lately, prompting the administrator to intervene last week and delete them.

She wrote that she senses a shift in the atmosphere of this group, straying from its initial purpose of being a platform to inquire about Qantas matters and seek information, express appreciation when experiences are positive, and express frustration when things don't go well.

For the upcoming days, I will be removing any fresh posts or comments concerning the Senate hearing, the ACCC's legal action, the government's restriction on Qatar flights, or any other topics that are not directly about travel on a Qantas or codeshare flight.

Mr. Joyce and his spouse Shane Lloyd were spotted attending a prestigious awards event held in Sydney back in 2017.

If anyone finds this situation bothersome, you have the option of either initiating your own conversation circle or joining the highly engaged Qantas Sucks community.

Mr. Joyce has individuals who support him, like Geoff Thomas, the Editor in Chief of AirlineRatings.com, who expressed that he has performed exceedingly well.

During an interview with Melbourne radio station 3AW on Tuesday, he mentioned that even though the board and shareholders have the ability to revoke Mr. Joyce's bonuses, they have chosen not to do so.

At the moment, Qantas is facing numerous issues, and Alan has been made the scapegoat for these problems. However, when history reflects on him in the future, people will hold a much more favorable opinion of him than they do now, according to Mr. Thomas who spoke to Neil Mitchell on 3AW.

I believe Allan has realized that he is now at the center of a few problems that have occurred within the airline.

According to Mr Thomas, Mr Joyce successfully raised the Qantas share price from 99 cents to around five or six dollars, benefiting all the pension funds that have invested in them.

Even though the $2.7 billion in government assistance had sparked a considerable amount of bitterness, Mr Thomas stated that other countries provided significantly larger bailouts to their airlines, such as the $15 billion granted to German carrier Lufthansa.

Qantas customers frequently felt enraged due to canceled or significantly delayed flights after the Covid pandemic. Nonetheless, Mr. Thomas claimed that the situation was even more dreadful in other areas.

In the beginning of 2021, an assault involving eggs and toilet paper took place at the luxurious $19 million harbourside residence owned by Qantas CEO Alan Joyce.

"He expressed immense distress for everyone involved, as the situation was wildly disordered globally," he stated.

Despite Mr Joyce becoming a highly polarizing figure due to his involvement with the union movement, according to Mr Thomas, he was handed a challenging work situation with the emergence of new low-cost airlines in untouched market segments.

"It has been a tremendous undertaking, and he has truly excelled in his efforts," Mr. Thomas remarked.

Qantas has been in a defensive position ever since a Senate inquiry last week uncovered that the airline had accumulated a minimum of $370 million worth of unused flight credits from the Covid pandemic era. These credits were slated to expire by the end of December.

Qantas made an announcement on Monday stating that it would eliminate the expiration date.

It additionally rendered a heartfelt apology for the ACCC lawsuit.

An airline representative stated that the ACCC's claims arrive during a period when Qantas's image has already suffered significant blows in various areas.

We want to ensure that the community is aware that we acknowledge and comprehend their feelings of let down.

'We are aware that the process of fixing it will require a significant amount of time. Nevertheless, we are firmly committed to accomplishing it.'

There have been concerns recently about the level of political power Mr. Joyce wields, following the government's decision to prevent competitor Qatar from operating on Qantas routes to Sydney, Melbourne, and Brisbane.

The Albanian authorities have justified their choice by stating that it serves the best interests of the nation.

Nevertheless, skeptics have questioned whether their judgments were influenced by the fact that Prime Minister Anthony Albanese's son was granted an exclusive access pass to the highly sought-after Qantas Chairman's Lounge.

Qantas has emerged as a staunch supporter of the Labor Party's suggested Indigenous Voice to Parliament. They have gone so far as to decorate their planes in favor of the initiative and are even offering free air travel to individuals advocating for its implementation.

The recent revelation of Qantas earning a $2.5 billion profit has sparked concerns regarding the appropriateness of returning any portion of the $2.7 billion it received in government aid during the Covid-related closures.

Although Qantas is generating a substantial profit, it has decided to refrain from distributing dividends to its shareholders for this year. Instead, the company has allocated the funds towards a share repurchase program valued at $500 million, scheduled to take place in February.

It is possible that a portion of the $10.8 million, which the airline recently revealed as a part of Mr. Joyce's departure compensation, could include some of those shares.

According to reports, Mr. Joyce allegedly liquidated a substantial portion of his shareholdings.

Despite Mr Joyce's ability to handle most criticisms calmly, the sale of his Mosman property could indicate that some negative comments have managed to affect him personally.

In the beginning of 2021, the property was covered in eggs, flour, and toilet paper that were hurled at it.