AFR business summit
Qantas CEO Alan Joyce at the AFR Business Summit in Sydney. (Image: AAP/Mick Tsikas)

Qantas chief executive Alan Joyce, one of the country’s best-paid CEOs, announced on Tuesday that he would not be taking home a salary for the rest of the financial year, as the coronavirus played havoc with the airline. 

With roughly four months left in the financial year, this equates to a pay cut of about a third of his annual salary — or $3.3 million, based on his reported pay of $10 million last year. 

With Australian companies under financial pressure from the virus, and business groups going cap in hand for tax relief to avoid having to lay off workers, Crikey decided to take a look at how much some of them could save if their CEOs took an Alan Joyce-style four-month pay cut. 

Woolworths CEO Brad Banducci

Annual salary: $7.7 million 

Four-month pay cut: $2.6 million

Wesfarmers CEO Rob Scott 

Annual salary: $6.7 million 

Four-month pay cut: $2.2 million

Telstra CEO Andy Penn 

Annual salary: $5 million 

Four-month pay cut: $1.6 million

CBA CEO Matt Comyn 

Annual salary: $3.4 million

Four-month pay cut: $1.1 million

Rio Tinto CEO Jean-Sébastien Jacques 

Annual salary: $8 million

Four-month pay cut: $2.6 million

Macquarie CEO Shemara Wikramanayake 

Annual salary: $18 million

Four-month pay cut: $6 million

So, that’s a “saving” of more than $16 million from six CEOs, excluding Joyce. That’s not to mention the options, shares and bonuses that top executives are wont to get. Food for thought.