Outgoing Qantas chief Alan Joyce pockets $17m from sale of airline’s shares

A day after revealing his retirement plans, Qantas boss Alan Joyce cashed in 2.5 million shares to pocket a handy $17m.

A day after revealing his retirement plans, Qantas CEO Alan Joyce sold 90 per cent of his shares in the airline to pocket a $17 million windfall.

An ASX announcement late on Tuesday showed Mr Joyce had divested himself of 2.5 million shares worth $6.75 each.

He had held the shares since 2012, when they were valued at a mere $1.50, or a total of $3.75m.

The move leaves him with about 229,000 vested shares, and 3 million share rights which are due to vest at the end of the month.

The share rights were awarded under a retention recovery scheme and as long-term bonuses, which Mr Joyce deferred during the height of the pandemic.

It’s understood recent property dealings motivated the sale along with Qantas’ solid share price which on Monday hit its highest level since April.

Although Mr Joyce was still considered a “significant shareholder in Qantas” it was expected the sale would shake confidence in the airline’s investment credentials.

Qantas CEO Alan Joyce has sold 90 per cent of his shares in the airline. Picture: Steve Creedy

In the hours after the sale was made public, the Qantas share price plunged 4 per cent, slumping to $6.35 at the close of trade on Tuesday.

Mr Joyce has been in Istanbul for the International Air Transport Association AGM, where he discussed life after Qantas, saying he planned to take six months off and “decompress”.

As well as staying away from aircraft, Mr Joyce said he would take a cruise of the Antarctic with husband Shane Lloyd.

Home renovations are on the cards after the couple shelled out $9m for a second sub-penthouse at The Rocks, adjoining their existing apartment.

They planned to turn the two apartments into a penthouse taking up the entire floor, with six bedrooms and six bathroom.

At the same time Mr Joyce and Mr Lloyd were planning to sell their waterfront mansion at Mosman, in Sydney, for which they paid $19m less than 12 months ago.

Real estate agents were tipping the pair to still make a profit on their purchase, given recent growth in Sydney property prices.

Mr Joyce continues as CEO until November when current chief financial officer Vanessa Hudson takes over the top job.

With short and long-term bonuses on top of his $2.1m base salary, Mr Joyce was expected to leave Qantas with a final pay cheque in excess of $20m.

Despite the considerable windfalls, Mr Joyce was not planning to remain “retired”, saying he was a “young man” with a lot to offer the corporate world.

In his last year at Qantas Mr Joyce was preparing to deliver a record underlying profit of close to $2.5bn, almost $1bn more than the previous record set in 2018.