SINGAPORE: Piyush Gupta, CEO of Singapore's biggest bank DBS Group and one of the highest paid CEOs in the city-state, saw his total compensation dropped 27.3% for 2023, according to the lender's annual report published on Wednesday.
Gupta's total compensation fell to S$11.2 million ($8.34 million) in 2023 from S$15.4 million in 2022, the annual report showed.
The lower total compensation followed a cut in variable pay to take accountability of last year's digital banking disruptions at DBS, even as the Southeast Asia's largest lender posted a record 2023 profit with return of equity of 18%.
"Despite record 2023 profits and outperformance in many areas, the gaps in technology resiliency resulted in a lower scorecard appraisal by the Board compared to the previous year," the bank said in its annual report.
DBS added that it falling short in technology resiliency and the resultant impact on customers and franchise "were taken into account when determining the scorecard performance of both the Group and the CEO." - Reuters
