Slowdown takes a toll on airline CEO salaries

Amid turbulent times in the aviation space, top executives of listed carriers have seen their salaries coming down, with low-cost SpiceJet’s Chief Executive Officer (CEO) taking the biggest cut. 

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Neil Raymond Mills, who quit as CEO of Spicejet in July, saw his annual pay coming down to Rs 3.32 crore (Rs 33.2 million) in 2012-13, from Rs 4.97 crore (Rs 49.7 million) in the preceding year, according to company’s annual report.

Mills had joined Maran group’s airline venture in 2010.

It also said Spicejet’s managing director S Natrajhen, however, saw his total remuneration rising to Rs 89.1 lakh during the last financial year, from Rs 34.6 lakh in 2011-12.

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Photograph: Neil Raymond Mills

Kingfisher’s CEO Sanjay Aggarwal also saw a marginal dip in his salary to Rs 3.99 crore (Rs 39.9 million) in 2012-13, from about Rs 4.01 crore (Rs 40.1 million) in 2011-12, the airline’s annual report said.

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Vijay Mallya-led UB Group’s airline venture has incidentally remained grounded for almost a year now since it suspended operations in October 2012.

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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.

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Jet Chairman Naresh Goyal earned a sitting fees of Rs 60,000 in 2012-13, unchanged from the previous year’s figures. 

The airline's total payment towards remuneration to “key management personnel” fell to about Rs 51 lakh in 2012-13, from Rs 2.11 crore (Rs 21.1 million) in the previous year.

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The payment of Rs 51.4 lakh was made to Gaurang Shetty for his role as ‘manager and director (executive)’ for the period from May 24, 2012 to March 31, Jet disclosed in its annual report. 

In the previous year 2011-12, Saroj Datta was paid Rs 2.11 crore (Rs 21.1million), but he ceased to be a director with effect from September 30, 2011.

Photograph: Saroj Datta