Sanjiv Puri has been reappointed as Chairman and Managing Director of ITC Ltd, an Indian conglomerate, for an additional five years. The appointment will start on July 22, 2024. The business revealed in a regulatory filing that Puri’s current term would end on July 21, 2024. The Board has recommended the members re-appoint him, designating him as a non-rotating director as well as the Managing Director and Chairman for the next five years.
Puri’s total compensation climbed by 53.08% to Rs 16.31 crore for the fiscal year 2022–23. Included in this are a base pay of Rs. 2.88 crore, perks and other benefits of Rs. 57.38 lakh, a Rs. 12.88 crore performance bonus, long-term incentives, and commission, and a Rs. Puri made Rs 10.66 crore in salary last year, which was made up of Rs 2.64 crore in base pay, Rs 49.63 lakh in benefits, and Rs 7.52 crore in performance bonuses and commissions.
The adventure of Sanjiv Puri at ITC started in January 1986. He was first added to the ITC Board of Directors in December 2015 as a Wholetime Director. In May 2018, he was re-designated as the Managing Director after first taking on the position of Chief Executive Officer in February 2017. On May 13, 2019, Puri was officially named the ITC Chairman.
According to the company’s annual report, the Board decides the compensation of the Chairman and other Executive Directors based on the advice of the Nomination & Compensation Committee. A performance incentive of up to 300% and 200% of the Chairman’s and Executive Directors’ basic/consolidated salaries, respectively, is available to them. Additionally, the Chairman and each Executive Director are eligible for long-term incentives with a maximum yearly value of 0.10 percent and 0.05 percent, respectively, of the company’s net profits from the preceding fiscal year.
Nakul Anand, whose total compensation for FY23 was Rs 8.18 crore, is the second highest-paid employee at ITC. B Sumant earns a salary of Rs 7.58 crore and is in charge of managing certain company units. Nakul Anand concentrates on ITC’s travel and tourism and hospitality sectors.
