Tough business takes a toll on airline CEO salaries

Written by Press Trust of India | New Delhi | Updated: Sep 30 2013, 06:55am hrs
Amid turbulent times in the aviation space, top executives of listed carriers have seen their salaries coming down, with low-cost SpiceJets CEO taking the biggest cut.

Neil Raymond Mills, who quit as CEO of Spicejet this July, saw his annual pay coming down to R3.32 crore in 2012-13, from R4.97 crore in the preceding year, according to companys annual report. Mills had joined Maran groups airline venture in 2010.

It also said Spicejets managing director S Natrajhen, however, saw his total remuneration rising to R89.1 lakh during the last fiscal, from R34.6 lakh in 2011-12.

Kingfisher CEO Sanjay Aggarwal also saw a marginal dip in his salary to R3.99 crore in 2012-13, from about R4.01 crore in 2011-12, the airlines annual report said. Vijay Mallya-led UB Groups airline venture has incidentally remained grounded for almost a year now since it suspended operations in October 2012.

The third listed air carrier Jet Airways has not disclosed the salary of Nikos Kardassis, who resigned as its CEO in June 2013, in its latest annual report.

Jet chairman Naresh Goyal earned a sitting fees of R60,000 in 2012-13, unchanged from the last years figures.

The airlines total payment towards remuneration to key management personnel fell to about R51 lakh in 2012-13, from R2.11 crore in the previous year.