Pawan Munjal, chairman, Hero MotoCorp was paid a total remuneration of Rs 99.55 crore in the fiscal year 2023. This was 18.02 per cent more than what he was paid the year before.
The two-wheeler manufacturing company revealed that Munjal will be voluntarily accepting a cut in pay. Starting 1 January 2024, he will take a 20 per cent pay cut. As a result, his remuneration for the year is expected to be about Rs 80 crore. It is pertinent to mention here that the median remuneration for Hero MorotCorp staff in FY23 was Rs 12.25 lakh.
Munjal had earlier separated the role of chairman from that of CEO in the company in an effort to divide responsibilities and improve corporate governance. When this division of roles was formally mooted by the Nomination and Remuneration Committee (NEC), the board of directors gave their consent to the same.
Niranjan Kumar Gupta, chief executive officer, was paid a total remuneration of Rs 7.89 crore in FY23. He was elevated to CEO position in May 2023. The details of his remuneration for FY24 following his elevation are yet to be known. He was earlier chief financial officer (CFO) and head – strategy, and mergers and acquisitions (M&A).
The company has reported a net profit of Rs 1,054 crore for the quarter ended September. This is a 47 per cent increase. During the same period last year, the company had posted a profit of Rs 716 crore.