The financial successes that spawned Alan Joyce’s cult-like following among investors ultimately led to the former CEO having largely unfettered decision-making power.
Qantas operated under a chief executive-led “command and control” culture, the board governance review found. That makes former leader Alan Joyce the airline’s equivalent of Napoleon.The High Court decision that Qantas illegally sacked 1700 workers and the competition watchdog’s $120 million fine for selling tickets on ghost flights were his Waterloos.
And like so many executives or companies that have found themselves in crisis, an overemphasis on profit came at a cost to the company’s relationship with its stakeholders. In Qantas’ case, those stakeholders were its customers, its staff and the competition regulator.Advertisement When the customer satisfaction wheels began to fall off following the COVID-19 pandemic, there were no dissenters to challenge Joyce’s decisions.
As a corollary to that, the board didn’t have a remuneration framework for Joyce that allowed it enough discretion to adjust or claw back short-term and long-term bonuses.
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