ITC board proposes second term for Sanjiv Puri as CMD

The board of ITC Limited has recommended the reappointment of Sanjiv Puri as the company's Chairman and Managing Director for a second term of five years.

His present term will end on July 21, 2024, post which, the recommendation will be put to vote at the company's Annual General Meeting on August 11, this year.

Under the stewardship of Puri, ITC drove the 'ITC Next' strategy in the last four years which encompassed digital acceleration, cost optimisation, investment in new growth vectors and ensuring supply chain agility, its officials said.

As a matter of fact, the revenue from ITC’s FMCG segment also grew from Rs 12,500 crore to Rs 19,123 crore during the period and segment EBITDA margins improved by 7.7 per cent between 2016-17 to 2022-23. 

Moreover, its other verticals such as hotels, agri-business, paperboards, paper and packaging also registered improved performance in the last four years, they added.

The total remuneration of the ITC CMD was also increased to Rs 16.31 crore for FY23, up 53.08% YoY. This includes a basic salary of Rs. 2.88 crore along with perquisites and other benefits of Rs 57 lakh and a performance bonus/ long-term incentives/ commission of Rs 12.86 crore from ITC.

A year ago, Puri's total remuneration was Rs 10.66 crore, which included a basic salary of Rs 2.64 crore, perquisites and other benefits of Rs 49.63 lakh. However, his performance bonus/ commission was Rs 7.52 crore only in FY22.

After Puri, Nakul Anand is the second highest-paid employee of ITC with a total remuneration of Rs 8.18 crore for FY23. He is followed by B Sumant with Rs 7.58 crore. In fact, the number of persons drawing a salary of more than Rs 1 crore per annum was over 245 in FY23, as opposed to 220 in FY22.

Compared with the financial year 2021-22, the median remuneration of employees has decreased by 3%, while the average remuneration of employees has increased by 6%.

Puri's ratio of remuneration to the median remuneration of all employees (which as on March 31, 2023, stands at 23,275 permanent employees) is 326:1.

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