News: Mallya rejigs executive payrolls as Diageo tightens leash

Compensation & Benefits

Mallya rejigs executive payrolls as Diageo tightens leash

Top United Breweries (UB) Group executives and close aides of the troubled billionaire Vijay Mallya, who were parked on the payrolls of United Spirits (USL), have been shifted out with Diageo tightening the leash over India's largest distiller, Times of India reported. Diageo — now the largest shareholder and keen to improve profitability of USL — insisted on carrying only those who were part of the operational management.

Top United Breweries (UB) Group executives and close aides of the troubled billionaire Vijay Mallya, who were parked on the payrolls of United Spirits (USL), have been shifted out with Diageo tightening the leash over India's largest distiller, Times of India reported. Diageo — now the largest shareholder and keen to improve profitability of USL — insisted on carrying only those who were part of the operational management.

This meant no slots for some of Mallya's bulge-bracket executives, including some involved with the grounded Kingfisher Airlines. They are being accommodated at the group holding company UB Holdings, riding largely on real estate income and dividends.

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Topics: Compensation & Benefits, #Corporate, #TotalRewards

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