(Yicai Global) April 9 -- Lei Jun, president of Chinese software and device maker Xiaomi, earned more than his listed company did last year.
The 49-year-old executive earned at least CNY9.8 billion (USD1.5 billion) in 2018, Hong Kong's Mingpao reported, citing a company spokesperson. Xiaomi's net profit was up 60 percent annually at CNY8.6 billion (USD1.3 billion) on revenue of CNY175 billion (USD26 billion), which grew 52.6 percent.
Combined salary outgoings amassed CNY17.1 billion, more than four times the figure in 2017. The Beijing-based firm's five highest earners combined to make more than CNY10.2 billion of that.
Lei, the highest-paid employee, earned between HKD150 million (USD19 million) and HKD15 billion (USD1.9 billion) in salary, dividends, shareholder bonuses and retirement plan payments throughout the year, according to Xiaomi's full financial report for 2018, published yesterday. The other top four earned between HKD30 million and HKD100 million.
The company's stock incentive program has made Lei a somewhat controversial figure at the firm. He promised to hold onto the company's stock for at least a year in early January, but has also said he would donate all equity incentives earned before Xiaomi's Hong Kong listing in July to charity.
Xiaomi spent CNY10.5 billion on administrative expenses in the second quarter of last year, according to the firm's first post-listing report in August. That was over 45 times more than a year earlier after Lei was awarded a one-off payment of CNY9.9 billion in shares.
Editor: James Boynton