Here's the question a Qantas shareholder at the company's AGM in Perth today might want to ask: Was Geoff Dixon sacked, or is the board incompetent?
There's nothing novel about the use of euphemisms when boards part ways with their CEOs, as so many so often do. Among the favourite phrases from the Cliches Handbook are "resigned for personal reasons" and "leaving to pursue other interests". And the generosity of praise for the departed CEO is often generous even when the board has decided the individual isn't up to the job.
With the Qantas board facing another large protest vote today over its remuneration report, the particular euphemisms of interest in the Dixon departure are "the retirement" and "step down" - what do they mean?
From a pedant's point of view, there is a certain lack of exactitude in the two phrases used by chairman Leigh Clifford in his July 28, 2008, announcement to the stock exchange.
First up, it was "Alan Joyce would become Chief Executive Officer of Qantas upon the retirement of Geoff Dixon". The second attempt was "Geoff Dixon would step down as Qantas Chief Executive". In my opinion, neither phrase precludes Clifford telling Dixon to leave.
Last month when the Qantas annual report disclosed the board's final act of generosity towards Dixon, the Crikey newsletter honed in on some fine print that others had missed:
"Mr Dixon worked for nine months of the 12 months notice provided on termination, the remaining three months was paid in lieu of notice."
That would help partially explain why the ex-CEO was paid $10.7 million for five months work, but it's not quite in keeping with the tone of Clifford's earlier ambiguous statement.
It would be nice to clear the matter up, if only for the record. If in fact he wasn't terminated, it would be nice to be clear about the incompetence of the Qantas board in paying him money he was not entitled to after previously paying him substantially more than any of his global airline CEO peers.
And we won't mention that flirtation with private equiteers.
Michael Pascoe is a BusinessDay contributing editor.
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