SINGAPORE - Changi Airport Group's chief executive officer Lee Seow Hiang was named this year's CNBC Travel Business Leader Award winner.

Mr Lee received the award in recognition of his achievement in growing passenger traffic at Changi Airport by almost 50 per cent to 54 million passengers in 2014 as well as growing commercial revenues by 9.5 per cent per annum.

The award ceremony was held at The Capitol Theatre on Tuesday (Oct 20), in conjunction with the Singapore Tourism Board's TravelRave Leaders Gala.

This year, a total of 11 business leaders from the travel and tourism industry were nominated for the award. The eventual winner and candidates were evaluated based on a combination of criteria including their organizations' financial performance, candidates' management skills, leadership qualities, as well as their contributions to shaping the region's travel and tourism industry.

The award's past winners include: AirAsia Bhd Group CEO Tony Fernandes (2011), Banyan Tree Holdings executive chairman Ho Kwon Ping (2012), Garuda Indonesia (Persero) president and CEO Emirsyah Satar (2013) and Starwood Asia Pacific president Stephen Ho (2014).