Goh Choon Phong, the CEO of Singapore Airlines, received a compensation increase of 20.6% to $8.1 million for the fiscal year 2024, the highest profits for the flag carrier ever.
In accordance with the company’s July 1 annual report, Goh received $1.4 million in basic pay, which accounted for 18% of his total compensation, $2.2 million in bonuses, which made up 27% of his package, $4.3 million in SIA shares, and approximately $148,000 in benefits.
This was announced at the same time as Singapore Airlines reported a record net profit of $2.7 billion, up 24% from $2.2 billion the year before, and awarded profit-sharing incentives to qualified workers that lasted over eight months.
By contrast, Goh received $6.7 million in compensation for the fiscal year 2023, which included $146,000 in benefits, $1.1 million in base pay, $3 million in bonuses, and $2.5 million in shares.
Chief operations officer Tan Kai Ping and chief commercial officer Lee Lik Hsin, Goh’s right-hand men, received a combined salary for the fiscal year 2024 of between $3.5 million and $3.75 million.
In the fiscal year 2023, each of them received payments totaling between $2.75 million and $3 million.
Following the release of the annual report, Singapore Airlines shares finished two cents, or 0.3 percent, lower at $6.88 on July 1
