UOB CEO Wee Ee Cheong gets 12% pay increase which includes S$14.7M bonus
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UOB CEO gets 12% pay boost in 2023
In 2023, UOB’s CEO Wee Ee Cheong been given a spend increase just after the bank’s complete-calendar year core internet gain hit a new record.
His wage amplified to a full of S$15.9 million, 12% larger than his wage of S$14.2 million in 2022.
The figures were being unveiled in UOB’s annual report released these days (21 March).
Wee Ee Cheong gets S$14.7 million bonus
In accordance to the once-a-year report, Mr Wee’s annually base income of S$1.2 million remained unchanged.
The bulk of the CEO’s income came from his reward which amounted to S$14.69 million.
The whole renumeration Mr Wee been given came up to S$15,929,701.
Transportation-relevant advantages amounting to S$39,701 and gains-in-variety have been also included in Mr Wee’s annual remuneration.
UOB mentioned that 60% of Mr Wee’s variable spend is deferred and will vest about the following a few years.
40% of the deferred variable pay will be issued in deferred cash, even though the remaining sum will be in the sort of share-joined units.
UOB CEO overtakes DBS CEO’s pay out
Mr Wee’s wage in 2023 surpassed the income of DBS CEO Piyush Gupta.
The latter took house S$11.2 million in 2023 after a 27% fork out slash because of to the bank’s slew of electronic disruptions that yr.
Source: Bloomberg
Mr Gupta also gained a 30% cut in variable fork out in February.
UOB profits strike an all-time higher in 2023
According to the report, UOB’s total-12 months main internet financial gain increased by 26% to S$6.1 billion in 2023.
This marked the initially time the company’s income surpassed S$6 billion.
Supply: UOB
In the report, Mr Wee said UOB operates from a posture of power in ASEAN and is self-confident in the bank’s long term.
“Growth in the ASEAN area is expected to stay strong owing to domestic demand, moderating inflation and enhanced trade and investment decision flows,” he claimed.
Mr Wee also thanked the bank’s stakeholders for their guidance.
“I glimpse forward to your ongoing support as we target our initiatives on turning out to be the most favored financial institution for shoppers and corporations in ASEAN.”
Also examine: DBS CEO Piyush Gupta will get 27% pay out lower in 2023, can take residence S$11.2M
DBS CEO Piyush Gupta gets 27% fork out minimize in 2023, will take residence S$11.2M
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Showcased impression adapted from UOB on Facebook and UOB.
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