Optus has revealed a sharp 23% rise in executive and director pay, reaching $18.9 million in the year to March 31, despite ongoing net losses and staff cuts across the business.

The telco, owned by Singapore-based Singtel, lodged its annual accounts with the Australian Securities and Investments Commission (ASIC) last week, showing executive pay climbed from $15.3 million the year prior.

The increase comes as new CEO Stephen Rue restructures the leadership team following a difficult year.

While Rue’s overhaul brought in high-profile talent, such as former Vodafone CTO Tony Baird and incoming Woolworths executive Pieter van der Merwe, Optus has also paid out generous exit packages to departing execs, including ex-customer success chief Maurice McCarthy and compliance officer Poppy Fassos.

A company spokesperson defended the leadership shake-up, citing a need to “deepen capability, governance, and telecommunications expertise.”

Optus CEO Stephen Rue

The boardroom has also expanded with two new non-executive directors: Michaela Browning, CEO of Brunswick Group Asia Pacific, and Singaporean advisory veteran Nicky Tan.

While Optus’ C-suite saw raises, the company’s broader workforce shrank.

Average employee numbers dropped 8% to 6,200, part of a broader push to cut costs amid financial pressure.

Optus posted a net loss of $155 million, an improvement from the $480 million loss a year earlier.

The reduction comes despite a $100 million provision related to its settlement with the ACCC over aggressive sales practices.

Meanwhile, Optus Sport ceased operations on August 1.

Financial filings confirmed it received $20 million from Stan Sport, owned by Nine Entertainment, for the rights to Premier League broadcasts and other football content.

Despite signs of financial stabilisation, Singtel reported a $136 million underlying net profit for Optus earlier this year – the local unit remains in the red.