Hero MotoCorp, the world’s largest two-wheeler manufacturer has announced that its Executive Chairman Dr. Pawan Munjal has volunteered to reduce his fixed salary by 20 percent.
This follows Dr Munjal’s decision earlier this year to separate the roles of the Chairman & CEO. It was in March 2023, that the company had announced the appointment of Niranjan Gupta as the new CEO, effective from May 1, elevating him from his former position as the Chief Financial Officer (CFO), Head – Strategy and M&A.
The revised remuneration for Dr Munjal will come into effect from January 2024. The 20 percent revision will translate to a salary of around Rs 80 crore. In FY2023, Hero MotoCorp paid Dr Munjal a salary of Rs 99.55 crore.
For comparison, Niranjan Gupta, as CFO, took home a salary of Rs 7.89 crore in FY2023.
