By Tassia Sipahutar
(Bloomberg) — Singapore Airlines Ltd. Chief Executive Goh Choon Phong was paid S$8.11 million ($6 million) in the last fiscal year, up 21% from the same period a year earlier, as the airline benefited from a travel boom.
Goh, who has been on the airline’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 released on Monday. Similar to previous years, the bulk of his salary consists of bonuses and share awards.
Singapore Airlines posted record profits for the second consecutive year last year, thanks to sustained demand for air travel, busier flights and a thriving cargo business. The airline rewarded its employees with bonuses worth nearly eight months’ salary.
The city-state’s airline posted a record annual profit of S$2.67 billion in the 2023-2024 financial year, while revenue rose 7% to S$19.01 billion in the 12 months.
By comparison, Ronald Lam, Goh’s counterpart at Hong Kong-based Cathay Pacific Airways Ltd., saw his total salary increase by 32% to HK$10.5 million (US$1.3 million), while Vanessa Hudson, chief executive of Qantas Airways Ltd., received a disproportionate pay rise after taking the top job, taking her total compensation to A$5.1 million (US$3.4 million).
While the CEOs of the three major U.S. airlines, including American Airlines Group Inc. and United Airlines Holdings Inc., took home a combined $84.2 million, Delta Air Lines Inc. CEO Ed Bastian took home the most money at $34.2 million.
(Updates with information on airline CEO salaries.)
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