Singapore Airlines CEO’s Compensation Surges Amid Record Profits

SINGAPORE — Goh Choon Phong, the CEO of Singapore Airlines, has seen a significant increase in his compensation, reflecting the airline’s strong financial performance in the 2023-24 financial year. The airline reported a historic net profit of SG$2.67 billion (approximately US$1.98 billion), prompting employee bonuses and a generous payout for Phong.

Since his appointment as CEO on January 1, 2011, Phong has navigated Singapore Airlines through challenging periods, including the 2007-08 recession and the COVID-19 pandemic. His leadership has been pivotal in the airline’s resurgence, earning him accolades across the Asian aviation industry.

In the last fiscal year, Phong’s total compensation rose to SG$8.1 million (around US$6 million), which represents a 20% increase from the previous year. Notably, only 18% of this total, approximately SG$1.4 million (around US$1 million), comprised his base salary, while SG$2.2 million (around US$1.6 million) was linked to performance-related bonuses. Furthermore, Phong’s shareholdings were valued at SG$4.3 million (approximately US$3.2 million), with additional benefits amounting to SG$148,000 (about US$110,000).

Temasek Holdings, Singapore’s public investment fund, is the majority owner of Singapore Airlines, which operates a fleet of over 150 aircraft to 76 destinations worldwide. Notably, the airline also owns low-cost carrier Scoot and has stakes in other aviation ventures. Phong, a veteran in the aviation industry with over 30 years of experience, has held various senior roles within Singapore Airlines and its former subsidiary SilkAir before ascending to the CEO position.

Comparatively, chefs of other key players in the region, like Malaysia Airlines and Thai Airways, have reported lower profitability. Phong’s remuneration significantly eclipsed that of other regional airline CEOs, including Cathay Pacific‘s Ronald Lam, who earned around US$1.3 million during the same period. This difference underscores the impressive recovery and operational success that Singapore Airlines has achieved under Phong’s guidance.

“Singapore Airlines has demonstrated remarkable resilience and innovation in challenging times,” said aviation expert Ted Thornhill. “Phong’s leadership has not only revitalized the airline but also set new benchmarks for service quality and operational performance.” He further noted that Singapore Airlines’ upgrades to its premium products, which include spacious seating and enhanced onboard services, have redefined industry standards.

Looking ahead, Singapore Airlines continues to expand its offerings, focusing on enhancing customer experience both in the air and on the ground. The airline’s lounges at Changi Airport are renowned for their comfort and amenities, solidifying its reputation as a leading carrier in Asia. With plans to boost its frequency of flights to Australia and New Zealand, Singapore Airlines remains committed to maintaining its status as a preferred choice among travelers.

As Phong and his team prepare for the future, the success reflected in this year’s financial results reinforces their strategic initiatives and commitment to operational excellence.