John Borghetti Got A Pay Rise And It Nearly Made Up For A Short-Term Bonus He Missed Out On

Virgin Australia CEO John Borghetti and Sir Richard Branson pshare a light hearted moment after holding a press conference at Perth Airport on May 7, 2013 in Perth. Photo: Getty/Paul Kane

In its annual report out today, Virgin Australia revealed it had frozen its top executives’ salaries.

The report however, shows boss John Borghetti pocketed a $350,000 rise in base salary to $1.65 million — which nearly makes up for a lower cash bonus, which was reduced due to the airline’s poor performance.

As a comparison Qantas boss Alan Joyce took home $2.109 million in base salary over the same period.

Less short term incentives were paid to Virgin executives after the company posted a $98 million annual loss.

“The board has exercised its discretion to reduce the amount of short-term incentive for the CEO and senior executives,” the company said in the report.

“It has also decided to defer more of the STI into shares and reduce the amount of the STI payable as cash.”

Now read: What Junior Financial Industry Workers Wish They Were Told Before Starting Their Careers

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