The executive pay landscape in India has been rapidly evolving, and 2024 marks a significant shift. With Abhay Bhutada topping the list, it's clear that professional managers are becoming central to the success of many major corporations. Here's a breakdown of the top five highest-paid executives in India this year.
Abhay Bhutada – Former Leader at Poonawalla Fincorp
At the top of the list, Abhay Bhutada’s salary of INR 241 crore is the highest ever compensation recorded for a publicly listed company in India. His earnings reflect the increasing focus on rewarding executive leadership with stock options and performance-based incentives.
During his tenure, Bhutada led Poonawalla Fincorp to unprecedented growth, with assets exceeding INR 25,000 crore and profits crossing INR 1,000 crore. Although he’s no longer associated with Poonawalla Fincorp, his influence remains strong. He currently serves as a strategic advisor to the Cyrus Poonawalla Group and is the founder and chairman of the Abhay Bhutada Foundation, working towards empowering underprivileged communities through education.
N. Chandrasekaran – A Stalwart of Tata Sons
N Chandrasekaran’s compensation in FY24 reached INR 135.3 crore, a 20% increase from the previous year. His package includes a commission of INR 121.5 crore, and his leadership has been instrumental in driving Tata Sons’ performance.
As the executive chairperson of Tata Sons, Chandrasekaran has been pivotal in steering the conglomerate through various challenges, focusing on growth and operational excellence. His pay reflects the value he brings to one of India’s largest business groups.
Thierry Delaporte – The Man Who Transformed Wipro
Thierry Delaporte, Wipro’s former CEO, earned INR 167 crore in FY24, including INR 92 crore in severance-related payments. His tenure at Wipro saw the company’s stock price increase by 121%, and his leadership was crucial in reshaping the company’s direction.
His pay package also included INR 32 crore in salary and INR 37.5 crore in commission. Delaporte’s impact on Wipro is undeniable, and his compensation reflects the role of executive leadership in driving IT companies forward.
Pawan Munjal – Hero MotoCorp’s Driving Force
Pawan Munjal’s total earnings for FY24 reached INR 109.41 crore, but he voluntarily reduced his salary by 20% to align with shareholder expectations. His decision reflects the growing trend among executives to align their compensation with the interests of the company.
Hero MotoCorp experienced a 10% increase in Munjal’s salary compared to FY23, underscoring his importance to the company’s continued success. His decision to separate the roles of chairperson and CEO has also contributed to better corporate governance.
Also Read: Who is Abhay Bhutada?
Rajeev Jain – A Financial Leader at Bajaj Finance
Rajeev Jain, MD of Bajaj Finance, earned INR 101.4 crore in FY24, with INR 52.22 crore coming from equity shares awarded through stock options. His pay package reflects the growing importance of performance-based incentives in executive compensation.
Jain’s leadership at Bajaj Finance has been instrumental in driving growth, and his pay highlights the increasing use of equity-based compensation in the Indian corporate landscape.
Conclusion
In 2024, the top five highest-paid executives in India have set new standards for executive compensation. With Abhay Bhutada leading the way and focusing on his philanthropic work through the Abhay Bhutada Foundation, these executives highlight the growing importance of leadership, vision, and performance-based pay in today’s corporate world.
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