ITC Chief Sanjiv Puri’s Salary Hiked By 53% To Rs 16.31 Crore In Financial Year 2023 – News18

ITC Ltd, an Indian conglomerate, has announced the reappointment of Sanjiv Puri as Chairman and Managing Director for another five-year term. The appointment will be effective from 22 July 2024. In a regulatory filing, the company disclosed that Puri’s current tenure will conclude on 21 July 2024. The Board has proposed his reappointment to the members, designating him as a non-rotational director, and as the Managing Director and Chairman for the next five years.

Puri’s total remuneration for the financial year 2022-23 has increased by 53.08%, amounting to Rs 16.31 crore. This includes a basic salary of Rs 2.88 crore, perks and other benefits totaling Rs 57.38 lakh, and performance bonus, long-term incentives, and commission of Rs 12.88 crore. In the previous year, Puri’s salary was Rs 10.66 crore, consisting of a basic salary of Rs 2.64 crore, perks and benefits of Rs 49.63 lakh, and a performance bonus and commission of Rs 7.52 crore.

Sanjiv Puri’s journey at ITC began in January 1986. He was initially appointed as a Wholetime Director on the Board of ITC in December 2015. He assumed the role of Chief Executive Officer in February 2017 and was later re-designated as the Managing Director in May 2018. Finally, on May 13, 2019, Puri was appointed as the Chairman of ITC.

The remuneration of the Chairman and other Executive Directors is determined by the Board based on the recommendation of the Nomination & Compensation Committee, according to the company’s annual report. The Chairman and Executive Directors are eligible for a performance bonus, with a maximum of 300% and 200% of their basic/consolidated salary, respectively. They are also entitled to long-term incentives, with a maximum annual value of 0.10% and 0.05% of the company’s net profits for the previous financial year, applicable to the Chairman and each Executive Director, respectively.

Nakul Anand is the second highest-paid employee at ITC, with a total remuneration of Rs 8.18 crore for FY23. B Sumant, responsible for overseeing specific business divisions, has a salary of Rs 7.58 crore. Nakul Anand focuses on the hospitality and travel & tourism businesses of ITC.