Sablay na, kumita pa! Betty Ang, bayaw Soesanto, other Monde Nissin execs get 60% salary hike while profits tank 60%

Ultra bilyonaryo Betty Ang and her fellow Monde Nissin executives received fatter paychecks, bonuses and other perks in 2021 despite the steep drop in the noodle and biscuit maker’s profit.
The Monde president, her Indonesian brother-in-law Henry Soesanto (EVP and CEO), and all other Monde executives had a combined salary of P125 million in 2021, up by 60 percent from P78.464 million in 2020.
The salary of Monde’s top five highest paid executives – Ang, Soesanto, Marivic N. Cajucom-Uy (chief sustainability officer), Samuel Sih (national sales director), Helen G.Tiu (chief legal officer) and Michael Stanley Tan (COO) – swelled 48 percent year on year to P42.7 million in 2021 while all other officers ballooned 66 percent to P82.5 million in the same period.
Monde executives received slightly lower bonuses of P162.65 million in 2021 (P118.264 million for the top five executives) but received an extra compensation of P20.512 million.
Monde explained the salary bump to the higher salary but lower bonus base of Tiu (who replaced Tomasito Tiu in March 2021 in the Top 5 list) and Tan.
The company said Ang, Soesanto, Cajucom-Uy and Sih have a low salary but high bonus base because they have been with the firm for over 30 years unlike Tiu and Tan who only joined the company recently.
Monde, however, did not give a breakdown of the salary, bonus, and other compensation for Ang, Soesanto, and the other highest paid executives.
Ang and Soesanto, who are members of Monde’s board, signed off on the generous salary hike despite Monde’s appalling financial performance in 2021.
Monde reported a 60 percent drop in profit year on year to P3.245 billion as margins got eroded by rising prices of wheat and palm oil, which account for as much as 45 percent of production costs.
With margins likely to be squeezed further this year, Monde has budgeted an eight percent increase in total compensation of P324.4 million including a 14 percent increase in bonuses to P184 million and 84 percent rise in other compensation to P23 million in 2022.
The Top 5 executives will be shielded from the cost cutting as their salary grows by five percent to P45 million in 2022 while other executives will get a 13 percent reduction to P72 million in the same period.

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