John Holland-Kaye, the former CEO of Heathrow Airport, recently faced criticism for receiving a substantial payout of £6.4 million, with an annual bonus exceeding £1.2 million, as revealed in the airport's annual report. Despite Holland-Kaye's nearly decade-long tenure at Heathrow, the high compensation drew attention, especially considering the average flight delays of 20 minutes experienced throughout the year.
Throughout his time as CEO, Holland-Kaye navigated challenges such as leading Heathrow's recovery from the COVID-19 pandemic, achieving the airport's first post-pandemic operating profit last year. However, he also encountered criticism for disputes with airlines over landing charge levels, later resolved by the Civil Aviation Authority. Following Holland-Kaye, Thomas Woldbye from Copenhagen Airport took over as the new CEO and has already received a compensation package of over £1 million.
Heathrow defended the substantial payment to Holland-Kaye, citing it as recognition for his dedicated service and leadership that contributed to significant increases in passenger numbers and adjusted EBITDA. The airport emphasized the importance of strong leadership and dedicated teams in meeting the surge in travel demand. Nevertheless, the disclosure of the sizable pay packets for both Holland-Kaye and Woldbye has triggered discussions about fairness and accountability in corporate governance as shareholders and stakeholders delve into executive compensation during the annual meeting season in the City.