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Venture boss beats bank CEOs with S$12m paycheck for 2017
THE boss of Venture Corp earned S$12 million in pay last year, more than double what he took home the year before as the global electronics services provider's profits more than doubled in 2017.
Chairman and chief executive Wong Ngit Liong received a S$12 million remuneration package last year - not counting share-based payments - up on the S$5.5 million he reaped in 2016 and easily eclipsing what Singapore's top bankers got paid.
DBS Group Holdings chief executive Piyush Gupta got a 23 per cent pay rise to S$10.3 million last year, in cash and shares combined.
United Overseas Bank chief executive Wee Ee Cheong got an 11 per cent pay rise to S$9.4 million in 2017.
Venture Corp's shareholders, however, enjoyed a blockbuster year.
"Inclusive of the proposed dividend, total shareholders return for the financial year 2017 approximates 110 per cent, ahead of the 17.4 per cent rise in the Straits Times Index in 2017," Mr Wong wrote in Venture's annual report out on Monday.
He added: "Many global OEMs (original equipment manufacturers) in leading technology domains have selected Venture as their preferred partner. Over the years, we have built deeper and stronger collaboration with these technology leaders . . . Venture continues to strengthen its own capabilities to enhance our attractiveness as a key contributing partner."
He owns a 7.08 per cent stake in Venture, after exercising employee share options and scooping up more shares from the market over the last year.
Venture has become the market darling after leading a rally in manufacturing stocks here over the last year.
For the whole of 2017, its full-year net profit jumped 106.3 per cent to S$372.8 million, beating street estimates.
Revenue hit a record S$4 billion, up 39.3 per cent from 2016 as its efforts to deepen ties with customers by positioning itself as a research and design, manufacturing process and supply chain expert paid off.
Venture, which began as a contract manufacturer, was listed here in 1992 at an IPO price of S$0.40. It joined the Straits Times Index as a constituent stock in January.
Venture shares closed three cents or 0.11 per cent higher at S$28.14 on Monday.