New Delhi : Hero MotoCorp Chairman, MD and CEO Pawan Munjal took home a salary of Rs 59.66 crore in 2016 -17, up 3.94 per cent from the previous fiscal.
According to the company’s annual report for 2016-17, the ratio of Munjal’s pay to the median remuneration of employees was 731. The median remuneration of the company’s employees during the financial year was Rs 8.16 lakh.
Remuneration of Sunil Kant Munjal, who was the Joint MD of the company up to August 16, 2016, stood at Rs 20.99 crore, excluding gratuity, leave encashment and other retirement benefits. It was was 257 times the median salaries of the employees. Hero MotoCorp Executive Director Operations (Plants) Vikram S Kasbekar, who joined on August 8, 2016 drew salary of Rs 2.22 crore during the year. The company said average percentage increase made in the salary of employees other than the managerial personnel in 2016-17 was 10.80 per cent.
In his address to the shareholders, Pawan Munjal said while the company continued to expand its product portfolio, it was simultaneously looking at mobility solutions for the future also. “One such area that is fast developing is the ‘electric’ vehicle category. Even as we build our own internal capacities, one of our strategic priorities is to also engage with the external ecosystem, including startups in a meaningful way,” he said.
Munjal further said it was with that objective that Hero MotoCorp made an investment in Ather Energy, a start-up in the two-wheeler electric vehicle space.