According to its annual report for FY23, leading conglomerate ITC has put forth a recommendation to reappoint Sanjiv Puri as Chairman and Managing Director. The proposed reappointment, set to commence on July 22, 2024, would extend Puri’s tenure for a period of five years.
Puri, an individual who graduated from the prestigious IIT Kanpur and the Wharton School of Business in the United States, joined the Board of ITC as a whole-time director in 2015. In 2017, he ascended to the position of CEO within the fast-moving consumer goods (FMCG) industry giant and was subsequently re-designated as the Managing Director in 2018. Further adding to his accomplishments, Puri was appointed as the Chairman of ITC in 2019.
“The board, on the recommendation of the committee, has also recommended for the approval of the members, the re-appointment of Puri as a Director, not liable to retire by rotation, and as the Managing Director & Chairman of the company for a period of five years with effect from 22nd July, 2024,” read the annual report.
According to the recently published annual report, the remuneration for FY23 of Puri, the CEO of ITC, was disclosed. In FY23, ITC increased Puri’s salary by 29.5 percent, amounting to INR 16.31 crore. His remuneration consists of a basic salary of INR 2.88 crore, a performance bonus, and a commission of INR 12.86 crore. Additionally, he receives perks and other benefits totaling INR 57.38 lakh.