Latest news with #Sats'
Business Times
11-07-2025
- Business
- Business Times
Sats CEO Kerry Mok sees pay hike of 30.5% to S$3.1 million
[SINGAPORE] Kerry Mok, chief executive officer of inflight caterer and ground-handling company Sats , earned over S$3.1 million in total remuneration in FY2025 ended March, up 30.5 per cent from S$2.4 million in FY2024. The 54-year-old was rewarded with about S$1 million in salary or 32 per cent of his total remuneration, S$1.2 million in bonuses, and about S$862,500 worth of Sats shares and S$74,000 in benefits in FY2025, indicated Sats' annual report. His FY2024 total compensation was made up of about S$916,400 in salary or 38 per cent of the total remuneration, S$896,700 in bonuses, S$537,700 worth of shares and benefits stayed at around S$74,000. During FY2025, the group made several key adjustments to align the remuneration framework with its future business priorities and transformational goals after a review. It suspended the group's Economic Value Added-based Incentive Plan for senior management from April 2024, but granted a one-off transformation long-term incentives award to group management board (GMB) members. This award, the group said, is designed to support its transformation agenda, enhance alignment with long-term shareholder value creation, and retain and motivate the GMB over a five-year performance period. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up There are 11 GMB members including the CEO. Sats reported S$243.8 million in earnings for FY2025, soaring more than four times from S$56.4 million from the year-ago period. Turnover was S$5.8 billion, 13 per cent higher year on year. It is rewarding shareholders a final dividend of S$0.035 per share if the proposed payout is approved at the annual general meeting. Sats also reported customer privacy breaches and customer data losses in the annual report. There were two complaints received from outside parties regarding data incidents impacting Sats suppliers, and one incident arising from an internal unauthorised access by Sats employees. Sats shares dipped S$0.02 or 0.6 per cent to S$3.11 at 4.50 pm on Friday (Jul 11).
Business Times
11-07-2025
- Business
- Business Times
Sats CEO Kerry Mok earns S$3.1 million in remuneration in FY2025, increase of over 30%
[SINGAPORE] Kerry Mok, chief executive officer (CEO) of inflight caterer and ground-handling company Sats , earned over S$3.1 million in total remuneration in FY2025 ended March, up 30.5 per cent from S$2.4 million in FY2024. The 54-year-old was rewarded with about S$1 million in salary or 32 per cent of his total remuneration, S$1.2 million in bonuses, S$862,500 worth of Sats shares and S$74,000 in benefits in FY2025, indicated Sats' annual report. His FY2024 total compensation was made up of about S$916,400 in salary or 38 per cent of the total remuneration, S$896,700 in bonuses, S$537,700 worth of shares and benefits stayed at around S$74,000. During FY2025, the group made several key adjustments to align the remuneration framework with its future business priorities and transformational goals after a review. It suspended the group's Economic Value Added-based Incentive Plan for senior management from April 2024, but granted a one-off transformation long-term incentives award to Group Management Board (GMB) members. This award, the group said, is designed to support its transformation agenda, enhance alignment with long-term shareholder value creation, and retain and motivate the GMB over a five-year performance period. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up There are 11 GMB members including the CEO. Sats reported S$243.8 million in earnings for FY2025, soaring more than four times from S$56.4 million from the year-ago period. Turnover was S$5.8 billion, 13 per cent higher year on year. It is rewarding shareholders a final dividend of S$0.035 per share if the proposed payout is approved at the annual general meeting. Sats also reported customer privacy breaches and customer data losses in the annual report. There were two complaints received from outside parties regarding data incidents impacting Sats suppliers, and one incident arising from an internal unauthorised access by Sats employees. Sats shares dipped S$0.02 or 0.6 per cent to S$3.11 at 4.50 pm on Friday (Jul 11).
Business Times
18-06-2025
- Business
- Business Times
Sats prices US$100 million in fixed-rate notes at 4.648%
[SINGAPORE] In-flight caterer and ground handler Sats on Wednesday (Jun 18) priced US$100 million in fixed-rate notes due Jun 23, 2030, at 4.648 per cent. The Series 003 notes will be issued by Sats' US$3 billion multicurrency debt issuance programme established in November 2023 and updated last year. They are expected to be issued on Jun 23, the company said in a bourse filing. The interest rate is fixed at 4.648 per cent each year, payable semi-annually in arrear. The net proceeds will be used to refinance existing borrowings, Sats said, adding that the issuance will not result in an increase in the group's overall debt. MUFG Securities EMEA has been appointed as the sole coordinator in relation to the notes. Sats shares closed flat at S$3.08 on Wednesday.
Business Times
08-06-2025
- Business
- Business Times
Demand for AI-related talents increasing globally across sectors
[SINGAPORE] It has been an active market for global roles in the area of artificial intelligence (AI), with several top-level appointments being reported in recent months. Akshay Mendon, Singapore head for executive search firm EMA Partners, said: 'While tech-enabled businesses were first to the post, we are seeing a huge surge in demand (for AI-related jobs) from traditional companies in product manufacturing and energy and logistics.' Top-level AI-related appointments in the last couple of months include in-flight caterer Sats' appointment of Sandeep Sakharkar as chief digital officer in May. The position is a newly established one in Sats, which said in a statement: 'The role of the chief digital officer in Sats is to lead the development and execution of Sats' digital strategy.' The chief digital officer there is also expected to ensure a seamless integration of advanced data analytics, automation, AI and operational excellence into the company's global operations, said the company's spokesperson. Cheng Wan Hua, head of talent analytics for South-east Asia at professional service firm Aon, noted that the demand for AI-related services is more pronounced in financial services, professional services, logistics, and healthcare. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up She added: 'We are expecting a majority of Asia-Pacific organisations to now have roles requiring AI skills, departing from the traditional belief that these roles are primarily in the data science and engineering space.' These regional or global senior-level appointments come as no surprise. Globally, firms have been announcing senior hires in this area. Semiconductor giant Intel and cosmetics company Estee Lauder are among the latest to set up new leadership positions in AI and digital transformation; even the White House has ordered federal agencies to name chief AI officers. Another recent appointment in this area was made at Standard Chartered, which announced on Monday (Jun 2) the appointment of Yusuf Demiral as global head in the wealth and retail banking data, analytics and AI department. Demiral, in this newly created role, will lead the scaling up of the bank's AI capabilities in the wealth and retail banking arenas, said the spokesperson. In April, the bank announced the appointment of David Hardoon as global head of AI enablement, another newly created role. The bank has also adopted SC GPT, a generative AI tool to enhance operations and productivity, and to tailor sales and marketing efforts to boost the bank's revenue, said the spokesperson. These appointments involve a global or regional focus over AI and digital operations, observers noted. Apart from the hirings, efforts are underway to build up specialist expertise in AI. Mendon of EMA Partners said that at least half of the executive search firm's client base, based in traditional sectors, have already set up an AI Centre of Excellence in the city-state, or are taking steps to do so. Consulting firm Deloitte announced on Tuesday the launch of its Apac Agentic AI Centre of Excellence, which is to bring together more than 120 AI specialists from the Asia-Pacific and more than 6,000 practitioners from the region. Agentic AI enables AI agents to work independently, coordinate workflows and learn and adapt over time, said Deloitte. Deloitte is not the only consulting firm dipping its toes into agentic AI. On Wednesday, EY announced its agentic AI offering, EY Studio+. A spokesperson for the professional-services firm said the studio, which works with clients from industries ranging from tourism and hospitality to healthcare, combines its organically grown EY businesses with 37 companies it acquired, which bring specialised skills in design, sales, marketing and customer-experience technology to the table. Cheng from Aon predicted that agentic AI will be the trend in the foreseeable future. 'Agentic AI will augment human roles, requiring new job architectures and performance metrics,' she said. Despite the growth in demand for AI-related jobs across different industries, human-resource firms are wary of the risk of a bloated AI workforce. Mendon said: 'We have seen multiple examples of companies over-hiring based on uptrends.' His advice: Hire first based on a few critical business-related AI use cases at a country or regional level, and then prudently hire headcount only after that. Cheng concurred, saying: 'Take measured steps, avoiding the extremes of over-centralisation or fragmented experimentation. 'Decisions should be made on the basis of available data such as market benchmarks or past evidence.' She added that, AI-related experience aside, it is also important for job candidates to have relevant soft skills, such as being able to learn continually and handle changes. She singled out critical thinking as one of the most important soft skills to possess: 'There is a consequent necessity to evaluate the accuracy of AI-generated output and anticipate ethical implications.' Mendon believes that having strong learning agility is essential to staying relevant in the workforce: 'Professionals who can combine their AI knowledge with its application to enhance business cases, will be sought after in the coming years.'
Straits Times
05-06-2025
- Business
- Straits Times
Zoo animals, vaccines and more: Sats powers Paris air cargo hub at Charles de Gaulle
PARIS – Two lions and three golden monkeys passed through an air cargo facility at Charles de Gaulle Airport in Paris on their way to a zoo in central France earlier this year . Besides live animals, the facility also handles other types of specialised cargo, such as pharmaceuticals and perishables like meat and milk. The facility is owned by Sats, the Singapore-listed air cargo handling services provider, and operated by its subsidiary Worldwide Flight Services (WFS), which it acquired in 2023. Following the €1.3 billion (S$1.9 billion) acquisition, Sats became the world's largest air cargo handler. The combined Sats-WFS network operates over 215 stations across 27 countries, covering trade routes that account for more than half of global air cargo volume. Mr Laurent Bernard, vice-president of WFS in France, said on June 3 that the country handled 1.3 million tonnes of cargo in 2024, with 70 per cent coming from Charles de Gaulle Airport. On June 4, the media toured the Paris cargo facility for the first time. Mr Bernard said Sats' acquisition has helped WFS expand its network, giving it a long-term vision and ability to invest in its business. Previously, WFS was 'very Europe-centric', he said. The company also saw growth in the US, but it lacked a significant footprint in Asia . World Flight Services staff loading a cargo crate onto an aircraft at Charles de Gaulle airport in Paris on May 4. ST PHOTO: AZMI ATHNI With the acquisition, its reach is now truly global, strengthening its position to negotiate better deals with clients. 'When they are (negotiating) with us, they want a global deal. We can provide them the full package, and many stations (around the world), which is quite important,' Mr Bernard said. WFS was previously owned by a private equity firm whose focus was on 'making quick money in a short time', he said. Sats' acquisition has enabled the company to make investments in its business with a long-term perspective. For example, it is building a 20,000 sq m cargo facility in Lyon – about 460km south of Paris – that will include 7,000 sq m of temperature-controlled space. The building is expected to be ready by mid-2026. WFS has 120,000 sq m of warehouse space at Charles de Gaulle Airport , with roughly 20 per cent of this space dedicated to specialised cargo, Mr Bernard said. General cargo, which is still the company's main business, makes up the rest. Mr Laurent Bernard, vice-president of WFS in France, said Sats' acquisition has helped WFS expand its network, giving it a long-term vision and ability to invest in its business. ST PHOTO: AZMI ATHNI Outside Paris, WFS operates at 11 provincial airports across France, including those in Lille, Lyon, Marseille, Nantes, and Strasbourg. The media toured warehouses dedicated to three types of specialised cargo: e-commerce cargo , pharmaceuticals and shipments managed through freight forwarding. The e-commerce cargo is housed in a 5,000 sq m warehouse located less than 100m from the airside. This allows for fast and efficient cargo transfer, meeting the quick turnaround demands of airlines and freight forwarders aiming to make timely deliveries. E-commerce cargo is housed in a 5,000 sq m warehouse located less than 100m from the airside. ST PHOTO: AZMI ATHNI It takes about an hour to unload a full plane, and after checks on-site, the cargo is picked up as soon as two hours later. Most of the cargo arriving at the e-commerce warehouse is from China. The 2,400 sq m pharmaceutical warehouse is temperature-controlled, with one part of the site kept at 15 to 25 deg C and a smaller section at two to eight deg C. The warehouse handles vaccines, insulin and medical devices that have to be kept at a certain temperature. Workers loading pharmaceutical cargo onto a van at the World Flight Services cargo facility at Charles de Gaulle Airport in Paris. The facility is temperature-controlled, and handles shipments of vaccines and other medicines that are temperature-sensitive. ST PHOTO: AZMI ATHNI Another specialised cargo service is freight forwarding, or the coordination and organisation of the movement of shipments on behalf of a shipper. Freight forwarding companies that do not have their own warehouses – usually smaller players – rent space at the WFS facility to consolidate shipments before moving them to the final destinations. This is more economical than leasing their own spaces when cargo volume is low. The World Flight Services freight forwarding warehouse at Charles de Gaulle airport. ST PHOTO: AZMI ATHNI Besides their warehouse operations at Charles de Gaulle airport, WFS also runs an academy there to train workers in handling specialised cargo. In 2025, the centre aims to train 16,000 people in areas such as the handling of live animals, pharmaceuticals, dangerous goods like flammable liquids or materials, and perishable goods like meat and milk. Mr Bernard said Paris has the capacity to continue accepting passengers, and that it is 'crucial to have cargo linked to the (passenger) routes'. Having cargo on board a passenger plane could contribute 30 per cent of a route's profitability, he added. 'It's quite important – in parallel with passenger development – to continue to grow from the cargo side.' Meanwhile, Sats announced on June 3 three new product offerings designed to strengthen global air logistics resilience, in partnership with global transport and logistics company Kuehne + Nagel. One of the services is the expedited delivery of aircraft parts to Changi Airport during Aircraft-on-Ground (AOG) emergencies, where planes are grounded due to technical or mechanical issues. Sats said the solution leverages technology to track the response during an AOG emergency. This allows ground teams to anticipate the arrival of the spare parts and to prepare for repairs, enabling a quicker return to service. 'These disruptions can result in significant operational and financial impacts, making quick access to spare parts a high priority for the aviation industry,' said Sats and Kuehne + Nagel. The two partners also launched sea-air freight services at Sats' Los Angeles and Singapore hubs. This allows customers to transfer sea cargo onto air transport in the last leg of the journey, which could mitigate disruptions to customers' supply chains. To improve trucking and warehouse efficiency at Frankfurt Airport, the two partners have accelerated import cargo clearance there. This streamlining has reduced delays, allowing faster cargo pick-up and delivery by truck. Vanessa Paige Chelvan is a correspondent at The Straits Times. She writes about all things transport and pens the occasional commentary. Join ST's WhatsApp Channel and get the latest news and must-reads.
