Hong Kong’s Cathay Pacific pays top bosses 20% more than before pandemic despite flight blunders, ongoing woes

Cathay Pacific paid about HK$60.62 million to its 20 executive directors last year, up 21.6 per cent compared with 2022

CEO Ronald Lam the highest paid, with HK$10.45 million

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Cathay Pacific’s executive directors enjoyed substantial pay rises in 2023. Photo: Yik Yeung-man

Published: 3:12pm, 15 May 2024Updated: 3:13am, 16 May 2024

Top bosses at Hong Kong’s Cathay Pacific Airways were paid about 20 per cent 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$60.62 million (US$7.8 million) to its 20 executive directors last year, up 21.6 per cent compared with HK$49.84 million in 2022 when Hong Kong was still gripped by the Covid-19 pandemic.

Their pay last year was almost 20 per cent higher than the pre-pandemic levels in 2019, which stood at HK$50.8 million. That year, Cathay’s annual profits dropped by 28 per cent to HK$1.7 billion 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$10.45 million, including a bonus for the preceding year. His pay soared by 32 per cent from HK$7.91 million in 2022.

Rebecca Sharpe, the company’s chief financial officer, became the second-highest paid director and pocketed 35.8 per cent more at HK$9.71 million last year from HK$7.15 million in 2022.

Cathay chairman Patrick Healy also received HK$8.66 million last year, a pay rise of 38.56 per cent compared with HK$6.25 million in 2022.

Alex McGowan, who was appointed executive director in April 2023, took home HK$4.63 million last year. McGowan, the company’s chief operations and service delivery officer, apologised for a flight cancellation blunder at the beginning of this year.

Cathay CEO Ronald Lam (right), with chairman Patrick Healy, was the highest paid executive. Photo: Dickson Lee

Hong Kong’s Cathay Pacific pays top bosses 20% more than before pandemic despite flight blunders, ongoing woes

Cathay Pacific paid about HK$60.62 million to its 20 executive directors last year, up 21.6 per cent compared with 2022 CEO Ronald Lam the highest paid, with HK$10.45 million

Cathay Pacific paid about HK$60.62 million to its 20 executive directors last year, up 21.6 per cent compared with 2022

CEO Ronald Lam the highest paid, with HK$10.45 million