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Tag: compensation

  • Singtel CEO Earns $6.4M as Company’s Performance Soars, Highlighting Strong Growth in Telecom Sector

    Singtel CEO Earns $6.4M as Company’s Performance Soars, Highlighting Strong Growth in Telecom Sector


    In the latest financial report, telecommunications titan Singtel announced that its CEO, Yuen Kuan Moon, received a total compensation of SGD 8.2 million (approximately US$6.4 million) for the fiscal year ending March 31, 2025, marking a notable 16% increase from the previous year.

    The surge in Yuen’s remuneration reflects a remarkable corporate performance, with Singtel’s net profit skyrocketing by over 400% to SGD 4.02 billion. This impressive growth owes much to a one-time windfall of SGD 1.3 billion from the partial sale of its Comcentre headquarters, as reported by *The Straits Times*.

    Thriving Under Pressure

    Such stellar results are in line with the Singtel28 plan, a strategic initiative introduced by Yuen in 2024, designed to enhance operational efficiency while capitalizing on burgeoning growth trends. The plan focuses on delivering long-term value to shareholders, transforming Singtel into a leaner, more dynamic entity amidst the fast-changing telecommunications landscape.

    Breaking Down the Earnings

    Yuen’s sizable remuneration package comprised a salary of SGD 1.3 million, benefits totaling SGD 77,808, a cash bonus of SGD 2.2 million, along with an impressive SGD 4.6 million in share awards, as detailed by *Singapore Business Review*.

    A Transformative Leader

    Singtel commended Yuen for spearheading one of the organization’s most strategic transformations, repositioning it for growth amid a backdrop of rapid digitalization and industry disruption. His strategic reset, initiated at the start of his leadership, has fundamentally reshaped the group’s focus toward connectivity, digital services, and infrastructure.

    Paving the Way for the Future

    Yuen, who stepped into the role of group CEO in 2021 after overseeing Singtel’s Singapore consumer business since 2012, has played a pivotal role in the integration of consumer and enterprise sectors across Singapore and Australia. Under his stewardship, the company has expanded its digital services portfolio with NCS and launched Nxera, a regional data center venture poised to enhance its capabilities in a digital-first world.

    Questions & Answers

    How has Yuen Kuan Moon’s leadership affected Singtel’s performance?
    Yuen has driven significant changes in Singtel’s operations, leading to a net profit increase of over 400% and the successful implementation of the Singtel28 plan, aimed at long-term shareholder value.

    What does the compensation package for Yuen Kuan Moon reflect?
    The SGD 8.2 million compensation package reflects not just an increase in salary, but also a recognition of the company’s robust financial performance and Yuen’s strategic initiatives during a transformative period for Singtel.

    What key initiatives has Yuen implemented since becoming CEO?
    Since his appointment, Yuen has integrated consumer and enterprise services across markets, strengthened digital offerings through NCS, and launched Nxera to expand data center operations, positioning Singtel at the forefront of a rapidly evolving telecommunications sector.

  • Singapore Airlines CEO Goh Choon Phong’s Pay Falls to $5.5M Even Amid Strong Profit Surge

    Singapore Airlines CEO Goh Choon Phong’s Pay Falls to $5.5M Even Amid Strong Profit Surge

    Singapore Airlines has revealed that it paid CEO Goh Choon Phong SGD7 million (US$5.5 million) for the financial year ending March 31, marking a 13.5% decrease from the prior year, despite notable growth in both profit and passenger numbers.

    CEO’s Compensation Package Highlights Increases Amid Overall Pay Drop

    Goh’s latest compensation package comprises a SGD1.5 million salary and SGD3.1 million in bonuses, both of which saw an upward trend, as reported by The Business Times. However, the value of shares awarded to him took a significant hit, plummeting by 46% to SGD2.3 million.

    Sky High Performance Amid External Challenges

    Despite grappling with geopolitical tensions, supply chain disruptions, and inflationary pressures, Singapore Airlines has managed to soar above the challenges. Chairman Peter Seah expressed optimism in a letter to shareholders, celebrating the airline’s robust performance. The company posted a 3.9% rise in net profit to SGD2.8 billion while also welcoming a record 39.4 million passengers aboard its flights.

    Generosity in Profit-Sharing for Employees

    In a gesture of appreciation, Singapore Airlines has maintained a substantial profit-sharing bonus for its employees, offering eligible staff a share equivalent to 7.45 months’ salary. This is slightly less than the record-breaking 7.94 months’ profit-sharing bonus from the previous year, which was the highest in the airline’s history. It’s clear that while Goh might be tightening his belt, the company continues to reward its dedicated workforce generously — which, let’s be honest, is a refreshing change in these turbulent times.

    Questions & Answers

    What major factors contributed to Singapore Airlines’ resilience over the last year?
    Geopolitical tensions, supply chain issues, and inflation posed significant challenges, yet Singapore Airlines achieved a 3.9% increase in net profit and carried a record number of passengers.

    How does Goh Choon Phong’s current compensation compare to previous years?
    Goh’s total compensation is down 13.5% from the previous year, primarily due to a steep drop in the value of awarded shares, despite increases in his salary and bonuses.

    What profit-sharing bonus did Singapore Airlines offer its employees this year?
    The airline provided eligible staff with a profit-sharing bonus equivalent to 7.45 months of salary, just shy of the all-time high of 7.94 months from the previous year.

  • SIA among 5 airlines told to compensate passengers for delays

    SIA among 5 airlines told to compensate passengers for delays

    Singapore Airlines (SIA) is among five international airlines that fly into Europe that have been told to pay passengers for delays they may have experienced.

    The UK Civil Aviation Authority (CAA) said in its press release on Wednesday (Feb 22) that American Airlines, Etihad Airways, Emirates, SIA and Turkish Airlines will have to obey European laws or be taken to court. They all face enforcement action after a CAA review found them to be breaching consumer law, it added.

    These airlines had told the UK Civil Aviation Authority (CAA) that they did not pay compensation to passengers who had experienced a delay on the first leg of a flight that caused them to miss a connecting flight and, as a result, arrive at their final destination more than three hours late, the press release said.

    CAA added that SIA currently places compensation claims for these delays “on hold”.

    Under European Union (EU) law, airlines may have to provide compensation if passengers arrive at their destinations late. These rules, however, only apply to certain flights to, from or within the EU and only if the airline was at fault, such as if it was through poor aircraft maintenance or flight crew being available, the UK CAA website said.

    Compensation ranges from 250 euros (S$372.70) for delays of more than three hours for short-haul flights to 600 euros for delays of more than four hours for long-haul flights, it added.

    Mr Richard Moriarty, director of Consumers and Markets at the CAA, said: “Airlines’ first responsibility should be looking after their passengers, not finding ways in which they can prevent passengers upholding their rights.

    “So it’s disappointing to see a small number of airlines continuing to let a number of their passengers down by refusing to pay them the compensation they are entitled to,” he said.

    In response to queries, SIA said it has been in contact with the UK’s CAA on the issue “for some time”.

    “There is a lack of clarity in the law which is currently the subject of ongoing litigation before the Court of Appeal,” a spokesperson for the airline said, adding that SIA will continue to work with the CAA to resolve differences with respect to the application of the regulation to missed connections.