Qantas CEO Alan Joyce, who engineered one of the biggest turnarounds in Australian corporate history, was paid $24.58 million in 2017.
The national airline’s annual report released today shows his total remuneration almost doubled from last year’s $12.96 million.
The bulk of his increased pay, on top of his $2.1 million base, was made up of share price improvements on his long term incentive, worth $14.48 million.
Joyce has benefited from a rising share price as he steered the airline back to profitability.
Three years ago Qantas posted a $2.8 billion loss. Last month it posted its second-highest underlying profit result in the 97 year history of the national airline — $1.4 billion.
In 2014 Joyce was awarded 3,248,000 rights to shares under his long term incentive scheme. Then they had a value of $4,092,000. By the time they vested three years later, they were worth $14,486,000.
Here’s how Qantas shares have risen over the last three years: