Venture boss trumps bank CEOs with $12m pay cheque

DBS Group CEO Piyush Gupta got a 23 per cent pay rise to $10.3 million last year, in cash and shares combined. Venture Corp chairman and CEO Wong Ngit Liong's pay last year was more than double what he took home in 2016. United Overseas Bank CEO Wee
Venture Corp chairman and CEO Wong Ngit Liong's pay last year was more than double what he took home in 2016.
DBS Group CEO Piyush Gupta got a 23 per cent pay rise to $10.3 million last year, in cash and shares combined. Venture Corp chairman and CEO Wong Ngit Liong's pay last year was more than double what he took home in 2016. United Overseas Bank CEO Wee
DBS Group CEO Piyush Gupta got a 23 per cent pay rise to $10.3 million last year, in cash and shares combined.
DBS Group CEO Piyush Gupta got a 23 per cent pay rise to $10.3 million last year, in cash and shares combined. Venture Corp chairman and CEO Wong Ngit Liong's pay last year was more than double what he took home in 2016. United Overseas Bank CEO Wee
United Overseas Bank CEO Wee Ee Cheong saw his pay increase by 11 per cent to $9.4 million last year.

The boss of Venture Corp earned $12 million last year, more than double what he took home in 2016 as the global electronics services provider's profits more than doubled.

Chairman and chief executive Wong Ngit Liong's remuneration package - not counting share-based payments - easily trumped the $5.5 million he reaped in 2016 and comfortably eclipsed what Singapore's top bankers got paid.

DBS Group Holdings CEO Piyush Gupta got a 23 per cent pay rise to $10.3 million last year, in cash and shares combined, while United Overseas Bank CEO Wee Ee Cheong saw his pay increase by 11 per cent to $9.4 million.

Venture Corp's shareholders enjoyed a blockbuster year.

"Inclusive of the proposed dividend, total shareholder 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 said: "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."

Mr Wong 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 over the last year.

Its full-year net profit jumped 106.3 per cent to $372.8 million last year, beating estimates.

Revenue hit a record $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, listed in 1992 at an initial public offering price of 40 cents. It became a Straits Times Index constituent stock in January. Venture shares closed down 27 cents, or 1 per cent, to $27.87 yesterday.

A version of this article appeared in the print edition of The Straits Times on April 04, 2018, with the headline 'Venture boss trumps bank CEOs with $12m pay cheque'. Print Edition | Subscribe