Alan Joyce, outgoing chief executive of Qantas Group, has sold $17 million worth of shares in the airline.
Joyce is stepping down as the carrier’s chief executive in November after 15 years running Qantas. He will be replaced by the airline’s chief financial officer, Vanessa Hudson.
According to sources, Joyce had held the shares since 2012, when they traded at around $1.50. They were sold last week, through ANZ, for $6.74. He will still own Qantas shares and has rights to more, including some provided as a retention incentive during the COVID-19 pandemic. They will vest this year.
Qantas shares have increased around 23% in the last 12 months amid a surge in demand for travel following the pandemic. The airline forecast underlying pre-tax profit will reach up to $2.5 billion for the year to June 30. Qantas has told investors that it expects to fly 108% of 2019 capacity by December 31. Revenue intake was 118% of pre-pandemic levels in the four weeks to March 13.