Tata Motors CEO earned a salary of ?22.5 crore
Tata Motors CEO Guenter Butschek took home over ?22.55 crore last fiscal, while other key officials saw their remunerations cut amid mounting losses. Executive Director Satish Borwankar, who has taken over as COO, saw a cut of 12% to ?2.14 crore. However, most independent directors, except Nusli Wadia, who was removed from the board last year, saw their remunerations grow.
New Delhi, Jul 31 (PTI) Tata Motors CEO and Managing Director Guenter Butschek took home over Rs 22.55-crore salary last fiscal, while other key officials saw their remunerations cut in a year when the company was saddled with losses. However, most of the independent directors of the company except Nusli Wadia, who was removed from the board in December last year, saw their remunerations grow in high double digits, as per the companys Annual Report for 2016-17. Ravi Pisharody, erstwhile Executive Director and former head of the companys commercial vehicles (CV) business unit who had quit the company last month, saw his salary drop by 17 per cent to Rs 2.3 crore in the last fiscal. Likewise, Executive Director Satish Borwankar, who has taken over as chief operating officer, drew a remuneration of Rs 2.14 crore last fiscal, a cut of 12 per cent. Tata Motors Chief Financial Officer C Ramakrishnan also saw his salary trimmed by 2 per cent during the year to Rs 4.1 crore. Similarly, Company Secretary Hoshang Sethnas salary was reduced by 6 per cent to Rs 1.22 crore in the year. As for Butschek, the report said he "joined on February 15, 2016 hence percentage increase in the remuneration is not comparable". He was paid Rs 22.55 crore last fiscal. Independent Director R A Mashelkars remuneration was at Rs 1.56 crore, up 47 per cent, while that of N Munjee was at Rs 1.44 crore, an increase of 27 per cent. 