Jay Walder Vigintuples His Salary in Hong Kong
Matt Chaban July 22, 2011, 5:12 p.m.
In a new security filing, MTR Corporation reveals it will pay its new CEO $7.2 million when he starts in November, according to Bloomberg News. And to think people complained about Jay Walder’s compensation package when he was hired by the M.T.A.
O.K., so it’s not as much as you might think. Those are Hong Kong dollars, which actually translates to $924,000 U.S., almost triple the $350,000 he was making here in New York. Not too shabby, though whether or not it’s enough to afford a three-bedroom in Hong Kong, we’re not sure. At the very least, he can still brag to his friends back home about being a multimillionaire.
He very well could be, too—The Journal reports that, after bonuses and stock options, Mr. Walder’s predecessor, Chow Chung Kong made $1.7 million U.S. last year. He also leaves Mr. Walder a big conductor’s cap to fill. According to Bloomberg, the company’s stock rose 170 percent during the tenure of Sir Chow (he’s a knight of the British empire, too), when he oversaw the takeover of a rival Hong Kong railway and led the company’s global expansion.
Compared to the job he’s leaving behind, that should be easy.