DBS Group Holdings CEO Piyush Gupta has seen his FY2023 pay cut by around 27%, even as the bank reported record earnings of more than $10 billion.
For FY2023, he received a total remuneration package of $11.23 million, comprising basic salary plus other bonuses and incentives, as indicated in the bank's FY2023 annual report, released earlier today.
In contrast, he received $15.4 million for FY2022.
Gupta's pay cut was to signal responsibility for a series of digital disruptions experienced by the bank's customers.
The pay cut was already flagged last month.
In contrast, DBS paid chairman Peter Seah total fees of $1.957 million for FY2023, versus $1.947 million for FY2022.
Lead independent director Olivier Lim, a former CFO of CapitaLand, remains the second best paid director, drawing $452,000 for FY2023, up from $429,000.
DBS shares gained 0.6% to change hands at $33.60 as at 9.10am.
