Virgin Australia CEO John Borghetti just took a $2 million pay cut

Scott Barbour/Getty ImagesA file photo of John Borghetti.

John Borghetti, the CEO of Virgin Australia, lost more than $2 million in pay last financial year.

The airline’s annual report shows his pay at $4.16 million, down from $6.51 million the previous year.

Borghetti, who says he is leaving Virgin by January 2020, fell down by about $1.8 million in his cash long term incentives.

He started as CEO in May 2010 and has more than 40 years in aviation including at rival Qantas.

Virgin Australia last month posted a statutory loss of $681 million. Underlying profit before tax was $109.6 million, an increase of $113.3 million on the 2017 financial year and the highest since 2008.

When it came to deciding bonuses, the underlying profit before tax target was only partially met and the Guest Satisfaction metric also didn’t hit its target.

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