The salary component comprises performance and long-term incentives of a whooping Rs 12.8 crore. The top executive’s salary is also 326 times higher than the median remuneration paid to all employees.
According to Trendlyne data, the conglomerate’s chief drew a salary of Rs 10.66 crore in FY22.
Puri was appointed as a Wholetime Director on the Board of ITC with effect from December 2015, Chief Executive Officer in February 2017 and re-designated as the Managing Director in May 2018.
He was appointed as the Chairman effective May 2019.
During his career of over three decades at ITC and its subsidiaries, he has held several business leadership positions and also handled a wide range of responsibilities in manufacturing, operations and information and digital technology.
Puri also served as the Chief Operating Officer (COO) of ITC between July 2016 and January 2017, and prior to that as President – FMCG businesses, since December 2014.Sanjiv Puri will complete his present term as the Managing Director of the Company on July 21, 2024. The Board has also recommended for the approval of the members for the re-appointment as a Director and as the Managing Director & Chairman for a period of five years with effect from July 22, 2024.
On Tuesday, the company’s shares closed 1.63% higher at 473.45. So far this year, the stock has been a star performer in the Nifty pack, offering 42.2% returns.
The management of the Kolkata-based major is planning to demerge its hotels business using alternate structures like REIT, JV, etc, according to multiple reports.
Global brokerage firm Jefferies sees the stock rallying up to Rs 520 by valuing ITC cigarette business at 27x Mar-25 earnings, new FMCG at 5x Mar-25 sales, agri and paperboard businesses at 15x Mar-25 EPS, and hotels at 1x Mar-25 invested capital
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