News: ITC CMD Sanjiv Puri’s salary rose by 51% in 2018-19

Compensation & Benefits

ITC CMD Sanjiv Puri’s salary rose by 51% in 2018-19

Sanjiv Puri, who was recently promoted as Chairman after the death of his predecessor, earned about 51 percent more salary than when in his previous role.
ITC CMD Sanjiv Puri’s salary rose by 51% in 2018-19

Sanjiv Puri, Chairman and Managing Director, ITC, has received about 51 percent more remuneration in FY 2018-19, as compared to last year. After the previous chairman, Y C Deveshwar passed away, Puri was promoted to the position of Chairman of the Kolkata-headquartered diversified firm.

In an annual report of the company, ITC released that there are about 91 employees in the company who get a total salary of more than Rs. 1 crore. Deveshwar’s remuneration was Rs. 16.62 crores for FY 2018-19, until his death in May 2018.

Puri has been working in different roles with ITC over the past few years. Originally set to become Chairman in 2021-22, he was appointed as the CEO in 2017 and re-designated as MD of ITC from May 16, 2018.

Puri’s remuneration comprises of a basic salary of Rs. 1.44 crore in addition to Rs. 40 lacs in perks and performance bonuses of Rs. 4.32 crores. Back in FY 2017-18, Deveshwar had drawn a total salary of Rs. 29. 85 crores.

As ITC continues to diversify beyond its major segment of cigarettes and into the food and FMCG segment, it caters to about 27,279 employees as of March 31, 2019.

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Topics: Compensation & Benefits, #Career

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