Hong Kong’s Cathay pays top bosses between 19% and 76.5% more amid strong profits

CEO Ronald Lam is highest paid with HK$14.15 million package, while chief of operations and service Alex McGowan enjoys steepest pay rise

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(From left) Rebecca Sharpe, chief financial officer; Ronald Lam, chief executive officer; Patrick Healy, chairman; Lavinia Lau, chief customer and commercial officer; and Alex McGowan, chief operations and service delivery officer. Photo: May Tse

Published: 8:58pm, 8 Apr 2025Updated: 10:46pm, 9 Apr 2025

Top management at Hong Kong’s Cathay Pacific Airways received significant pay rises of between 19 per cent and 76.5 per cent in 2024, following the airline’s second straight year of recording profits nearing HK$10 billion (US$1.29 billion) after suffering losses during Covid.

The carrier paid about HK$61.56 million to 16 directors last year, up 1.55 per cent compared with HK$60.62 million in 2023 when the company was still struggling to return to full capacity, according to the firm’s annual report released on Monday.

Cathay Pacific CEO Ronald Lam Siu-por was the highest paid, with a package worth HK$14.15 million, including a HK$6.6 million bonus for the preceding year. His pay rose 35 per cent from HK$10.45 million in 2023.

Top management’s pay was almost 21 per cent higher than the pre-pandemic levels in 2019, which stood at HK$50.8 million. That year, Cathay’s annual profits dropped by 28 per cent to HK$1.7 billion amid months of anti-government protests in Hong Kong and the axing of then CEO Rupert Hogg.

Rebecca Sharpe, the company’s chief financial officer, became the second-highest paid director and pocketed 19.2 per cent more at HK$11.58 million last year from HK$9.7 million in 2023.

Cathay chairman Patrick Healy also received HK$10.85 million last year, a pay rise of 25.2 per cent compared with HK$8.67 million in 2023.

Alex McGowan, who was appointed chief operations and service delivery officer in April 2023, took home HK$8.18 million last year, enjoying the highest pay rise of 76.5 per cent from HK$4.63 million in 2023.