Suresh Narayanan, President and CEO (CMD), Nestlé India, dethroned HUL CMD Sanjiv Mehta and became the highest paid CEO of the FMCG industry in India. According to Nestlé's 2020 annual report, Narayanan earned total wages of Rs 17.19 billion, up 6.3% from Rs 16.17 billion in 19. Nestlé follows a fiscal year from January to December.Meanwhile, Mehta's salary package, which was Rs 19.42 billion in FY 2020, fell 21% to Rs 15.4 billion in FY 21. With the cut,
Mehta is now the second largest FMCG manager in the country, followed by Maricos Saugata Gupta with 02 rupees. / 14 million Narayanan's salary was 137 times the average salary of Nestlé India employees, Mehta's salary 122 times the average salary of HUL employees, while Gupta's salary was 123 times the annual salary of these companies.In fiscal 2019, Vivek Gambhir, Managing Director and CEO of Godrej Consumer Products, was the highest-paid FMCG executive with Rs.20.09 billion.
After Gambhir left the company in June 2020, Nisaba Godrej, daughter of Godrej Group Chairman Adi Godrej, was appointed Managing Director and CEO. Godrej has waived his 2020-21 compensation due to the business impact of the COVID-19 pandemic. GCPL named Sudhir Sitapati MD and CEO in May.Another large FMCG company,
Tata Consumer Products, paid its President and CEO Sunil D'Souza 10.49 billion rupees, compared to 4.3 billion rupees his predecessor Ajoy Misra received during an exercise.The compensation package includes salaries, benefits and perks, contributions to pension plans, long-term incentives and stock options. Mehta was also the only CEO in the segment to cut his salary during the year. Most of the rest of the companies gave their executives salary increases.
Dabur boss Mohit Malhotra recorded the biggest increase with 54.61% to 10.22 billion rupees. His salary in FY20 was Rs 661 billion. ITC's Sanjiv Puri also recorded a significant increase of 47% in fiscal year 21. His total salary for the period was Rs 11.95 billion against Rs 7.83 billion the previous year.ITC changed the compensation structure of its main management structure in 2019 after its largest shareholder,
British American Tobacco, rejected a proposal to issue stock options to executives. Puri's 20th annual salary came just a few months after this change, approved by the board of directors in September 2019. The effect of the reorganization is reflected in his annual salary.21 Puri's salary was 222 times his salary. median of ITC employees.
The salary of Varun Berry, MD and CEO of Britannia, increased by 7.46%, from Rs 9.78 billion in fiscal year 20 to Rs 10.52 billion. Saugata Gupta's salary increased by 2%, while Emami's increased. MD Sushil K. Goenka remained unchanged at Rs 1.4 crore. However, since he is a sponsor of the company, Goenka's payment also includes dividends and may be much higher than the amount shown in the annual report.Controlling the crisisThe fines that consumer companies are paying their executives come at a time when supply chain challenges and other logistical issues are looming. Like several other industries,
FMCG companies are struggling to secure sales of their products after the government announced a nationwide lockdown as the first wave of the COVID-19 pandemic hit the country.However, companies quickly embraced technology and other innovative measures to address these issues and eventually reported a recovery by the end of the year.“The FMCG industry has performed well in the last two years. Most of the product in the segment or essential in nature and despite the supply disruption during the first wave, the top honchos what are able to steer their companies towards recovery,
”Said James Agarwal, MD of BTI hi executive search“ Hence, they have been awarded for handling the crisis, ” said Agarwal .The FMCG industry is also relatively less affected by the pandemic than sectors such as hospitality, travel and tourism, or media and entertainment.Nestlé India's operating profit rose 7.93% to Rs 13.3 trillion in 2020, while its net profit for the period increased 5.79% year over year to Rs 2.082.43 billion.
HUL posted 18% annual sales growth to Rs.45.311 billion for FY 21, while net income also increased 18% for the period. The gross income and profit after tax from ITC's FMCG business for fiscal year 21 were over Rs.48 trillion and Rs.13,000 million respectively.
Sources:- money control
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