Alan Joyce is a $25 million man

Qantas chief executive Alan Joyce. Photo: Peter Parks/AFP/Getty Images

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:

Source: COMMSEC

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.