Singapore Airlines’ CEO gets pay bump after record annual profit

Bloomberg

Updated 1 July 2024 at 4:11 am·2-min read

By Tassia Sipahutar

(Bloomberg) — Singapore Airlines Ltd. Chief Executive Officer Goh Choon Phong was paid S$8.11 million ($6 million) last financial year, a 21% increase from the previous period, as the airline benefited from a travel boom.

Goh, who has been on the carrier’s board since 2010, had a base salary of S$1.44 million, up from S$1.1 million in 2022, according to the airline’s annual report published Monday. Similar to in previous years, the majority of his pay comes in the form of bonuses and share awards.

Singapore Airlines posted a second consecutive record annual profit last year on sustained demand for air travel, fuller flights and a buoyant cargo business. It rewarded staff with bonus payouts worth almost eight months of their salaries.

The city-state’s carrier delivered a record S$2.67 billion annual profit in the fiscal 2023-2024 year while revenue for the 12 months rose 7% to S$19.01 billion.

By way of comparison, Ronald Lam, Goh’s counterpart at Hong Kong-based Cathay Pacific Airways Ltd., saw his total pay rise 32% to HK$10.5 million ($1.3 million) while Qantas Airways Ltd. head Vanessa Hudson received an outsized pay bump after assuming the top job, taking her total remuneration to A$5.1 million ($3.4 million).

While the CEOs of the big three US carriers, including American Airlines Group Inc. and United Airlines Holdings Inc., took home a combined $84.2 million, Delta Air Lines Inc.’s chief Ed Bastian pocketed the most, at $34.2 million.

(Updates with context on airline CEO pay.)

More stories like this are available on bloomberg.com

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