Qantas CEO Alan Joyce takes home $12 million after the biggest turnaround in the airline's history

Photo: Lisa Maree Williams/ Getty Images.

Chief executive of Qantas Airways Alan Joyce is now one of Australia’s highest paid bosses after his salary tripled to nearly $12 million following his leadership of the biggest turnaround in Australian corporate history.

After sitting at a base salary of $2 million since 2011, Joyce’s take-home pay for the year will likely be $7.3 million of which $4.6 million will be made up of long-term incentives from share price growth and another $1.9 million in cash bonus, according to The Australian.

“The size of payments executives will receive this year are due to the strong turnaround of the company,” said Qantas chairman Leigh Clifford.

“In particular, the numbers are driven by the market value of Qantas itself, which has increased from $2 billion to around $8 billion over the past three years.”

Earlier this month, Qantas posted a $3 billion turnaround thanks to cost-cutting, restructuring and good management of fuel costs — reversing last year’s record $2.2 billion loss, which included asset write-downs.

Prior to this, the company’s executives had not received any pay rises for three years and no long-term bonuses since 2009.

The rapid turnaround saw Qantas giving all its 28,000 employes, who had been on an 18 month pay freeze, an estimated $90 million in “thank you” bonuses.

CEO Alan Joyce said the payments were recognition of the contribution made by all employees to strengthen the airline’s competitive position during the wage freeze.

“The rapid turnaround of the Qantas Group has only been made possible through the dedication and hard work of all our people,” says Joyce.

“Our shareholders have been both patient and supportive as we have worked through the biggest and fastest business transformation in our history.”

NOW READ: 10 huge battles Alan Joyce has fought

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.