Hero MotoCorp's Pawan Munjal Takes 20% Salary Cut
Hero MotoCorp said that its board of directors had approved executive chairman Pawan Munjal's proposal to reduce his fixed compensation by 20 per cent. The revised compensation will take effect on 1 January 2024.
"Earlier this year, Dr. Pawan Munjal decided to separate the roles of the Chairman & CEO and appoint a CEO for the Company. Following this transition, he has now volunteered to reduce his fixed salary by 20%. The same was approved by the Board of Directors at its meeting today following the recommendations of the Nomination & Remuneration Committee. The updated remuneration of the Executive Chairman will be effective January 1, 2024," said the company in a stock exchange filing.
According to the company's annual report, Munjal received Rs 99.6 crore in total salary in FY23, an increase of 18 per cent.
Hero MotoCorp announced a 47 per cent increase in standalone profit for the quarter ending 30 September 2023, at Rs 1,054 crore, as lower commodity prices and pricing increases helped offset sluggish sales.
Hero's quarterly expenses increased by 1 per cent, while input costs decreased by 0.2 per cent. Revenue increased by more than 4 per cent to Rs 9,445 crore.
