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.In a notable development for Singapore’s financial landscape, DBS Group’s prominent CEO, Piyush Gupta, experienced a significant 27.3% decline in his total compensation for the year 2023. This revelation, disclosed in the bank’s annual report published on Wednesday, indicates a shift in Gupta’s earnings from S$15.4 million in 2022 to S$11.2 million ($8.34 million) in 2023. The dip in compensation draws attention to the dynamic nature of executive remuneration and raises questions about the factors influencing such changes in one of the city-state’s highest-paid CEOs.
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.”