Singtel CEO's Pay Drops 16.9% Despite Profit Growth
Quick Look
- Singtel CEO Yuen Kuan Moon's compensation fell 16.9% to S$6.8 million for FY23, despite a 39.5% rise in net profit.
- The company cited "material operational and reputational issues" including network outages at Optus and disruptions in Singapore.
AI-generated summary
Why It Matters
Singtel's CEO received a pay cut despite increased profits, attributed to operational and reputational issues. This was reported in the company's annual report.
Singtel CEO Yuen Kuan Moon received S$6.8 million (US$5.3 million) for the financial year ended March 31, down 16.9 per cent from S$8.2 million a year earlier, according to the company’s annual report released on Tuesday and first reported by The Straits Times.
The pay cut came even as Singtel’s net profit rose 39.5 per cent to S$5.6 billion and underlying net profit increased 12 per cent to S$2.8 billion.
The company said the reduction in pay reflected “material operational and reputational issues”, including network outages at its Australian subsidiary Optus and disruptions in Singapore.
Open Questions
- What specific operational improvements are planned?
- What is the timeline for addressing reputational damage?
