According to Information Saugata Gupta, managing director of fast-moving consumer goods (FMCG) company Marico, “became the highest-paid CEO in the industry when his total compensation increased significantly by 157% in Fiscal Year 2022″.
The total compensation for Gupta increased from 14.03 crore in FY21 to 36.1 crore in FY22. Although the CEO Gupta utilized stock options that were issued to him, a sizable portion of his income came from an employee stock ownership scheme and restricted stock units Details show that Gupta took out 22.47 crore under the perquisites-ESOPs/RSUs category as opposed to 3.36 crore in Fiscal Year 2021.
After Gupta is Sanjiv Mehta, the CEO and MD of Hindustan Unilever Limited (HUL), whose pay increased by 47% from FY 2021 to FY 2022, from 15 crore to 22 crore. He received a salary of 3.37 crore, allowances of 9.2 crore, bonuses of 4.3 crore, and benefits of 4.2 crore.
Suresh Narayanan, MD of Nestle India, came in third this year on the list of highest-paid FMCG CEOs in India. His compensation package for 2022 increased by 9.3 percent, from 17.19 crore to 18.80 crore in fiscal year 2022.
Mohit Malhotra, the CEO of Dabur India, is listed in fourth place. In FY22, he received a compensation package totaling 14.60 crore, a 42.85% increase.
The FMCG sector struggled in the past year as exceptional inflation in the cost of raw materials and commodities drove up prices significantly while making it difficult to pass the rise on to customers. As per Reports, most companies profitability suffered in FY22, and growth has primarily been driven by prices while overall sales have either decreased or stayed unchanged.
With some justification, executive salaries in the FMCG sector have increased despite the companies muted performances.
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