Sanjiv Puri, the head and CEO of ITC, experienced a 53.08 percent increase in his total remuneration, amounting to Rs 16.31 crore for the fiscal year 2022–23.
The success of any company’s expansion can be attributed to the decisions made by leaders of large corporations. Equally significant are their salaries, which reflect their dedicated efforts. ITC Limited, one of India’s largest businesses, encompasses various sectors such as cigarettes, stationery, cookies, and other FMCG products.
Furthermore, the company manages a chain of luxury hotels that generate considerable profit. Sanjiv Puri, the head and CEO of ITC, witnessed a 53.08 percent rise in his total pay, amounting to Rs 16.31 crore for the fiscal year 2022–23.
Who is Sanjiv Puri?
Sanjiv Puri became the sole director of the ITC Board in 2015 and assumed the role of CEO two years later. The following year, he was appointed as the Managing Director, and presently, he serves as the chairman of this prominent corporation. He possesses exceptional talent, having obtained his engineering degree from IIT Kanpur and an MBA from the Wharton School of Business in the USA. He joined ITC in 1986 and has remained associated with the company ever since.
Puri has held various significant positions within ITC, including the role of COO from 2016 to 2017 and president of the FMCG company. Additionally, he oversaw trade sales and distribution for the Tobacco Division, as well as the software division of ITC Infotech. He also serves as the chairman of ITC Nepal.
By engaging in projects initiated by the Indian government, he has made valuable contributions to the nation’s growth. He supervised the fifteenth finance panel of the government’s advisory committee, which was established to discuss strategies for boosting agricultural exports.
To comply with the retirement policy effective from July 22, 2024, ITC has submitted a proposal for the annual general meeting on August 11, seeking to reappoint Puri as a director, managing director, and chairman for a five-year term or until an earlier date. Puri was appointed as ITC’s managing director on July 22, 2019, and his current tenure will conclude on July 21, 2024. As of March 31, 2023, ITC employed 23,725 permanent workers.
What is Sanjiv Puri’s salary?
Puri received a basic salary of Rs 2.88 crore from ITC for 2022–23, along with benefits and other perks totaling Rs 57 lakh, and a performance-based bonus/long-term incentives/commission amounting to Rs 12.86 crore. In the previous year, Puri’s total compensation amounted to Rs 10.66 crore, consisting of Rs 2.64 crore in basic salary and Rs 49.63 lakh in perquisites and other perks.
However, it was only in FY22 that he received a performance incentive or commission of Rs 7.52 crore. The market capitalization of the company is currently Rs 5.88 trillion (Rs 5,88,000 crore).