Hong Kong’s Cathay Pacific pays top bosses 20% more than before pandemic despite flight blunders, ongoing woes
Top bosses at Hong Kong’s Cathay Pacific Airways were paid about 20% more last year than they received in 2019 before the pandemic, with some enjoying substantial salary rises despite the flag carrier’s ongoing struggle to return to full capacity. According to its latest annual report, the company paid about HK$60.62m (US$7.8m) to its 20 executive directors last year, up 21.6% compared with HK$49.84m in 2022 when Hong Kong was still gripped by the Covid-19 pandemic. Their pay last year was almost 20% higher than the pre-pandemic levels in 2019, which stood at HK$50.8m. That year, Cathay’s annual profits dropped by 28% to HK$1.7b amid months of anti-government protests in Hong Kong and the axing of its then CEO Rupert Hogg. Current Cathay CEO Ronald Lam Siu-por was the highest paid, with a package worth HK$10.45m, including a bonus for the preceding year. His pay soared by 32% from HK$7.91m in 2022. Rebecca Sharpe, the company’s CFO, became the second-highest paid director and pocketed 35.8% more at HK$9.71m last year from HK$7.15m in 2022. Cathay chairman Patrick Healy also received HK$8.66m last year, a pay rise of 38.56% compared with HK$6.25m in 2022. Alex McGowan, who was appointed executive director in April 2023, took home HK$4.63m last year. McGowan, the company’s chief operations and service delivery officer, apologised for a flight cancellation blunder at the beginning of this year.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2024-05-16/oneworld/hong-kong2019s-cathay-pacific-pays-top-bosses-20-more-than-before-pandemic-despite-flight-blunders-ongoing-woes
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Hong Kong’s Cathay Pacific pays top bosses 20% more than before pandemic despite flight blunders, ongoing woes
Top bosses at Hong Kong’s Cathay Pacific Airways were paid about 20% more last year than they received in 2019 before the pandemic, with some enjoying substantial salary rises despite the flag carrier’s ongoing struggle to return to full capacity. According to its latest annual report, the company paid about HK$60.62m (US$7.8m) to its 20 executive directors last year, up 21.6% compared with HK$49.84m in 2022 when Hong Kong was still gripped by the Covid-19 pandemic. Their pay last year was almost 20% higher than the pre-pandemic levels in 2019, which stood at HK$50.8m. That year, Cathay’s annual profits dropped by 28% to HK$1.7b amid months of anti-government protests in Hong Kong and the axing of its then CEO Rupert Hogg. Current Cathay CEO Ronald Lam Siu-por was the highest paid, with a package worth HK$10.45m, including a bonus for the preceding year. His pay soared by 32% from HK$7.91m in 2022. Rebecca Sharpe, the company’s CFO, became the second-highest paid director and pocketed 35.8% more at HK$9.71m last year from HK$7.15m in 2022. Cathay chairman Patrick Healy also received HK$8.66m last year, a pay rise of 38.56% compared with HK$6.25m in 2022. Alex McGowan, who was appointed executive director in April 2023, took home HK$4.63m last year. McGowan, the company’s chief operations and service delivery officer, apologised for a flight cancellation blunder at the beginning of this year.<br/>
