Sanjiv Puri, chairman and managing director of ITC Limited, will get a term of five more years to lead the company following a strong performance in the last four years.
A resolution seeking his reappointment as chairman and managing director of the diversified conglomerate will be put to vote at the company’s annual general meeting on August 11.
Puri was appointed as the whole-time director on the board of ITC with effect from December 6, 2015, CEO in February 2017 and re-designated as managing director in May 2018.
He was appointed as chairman effective May 13, 2019, according to the company’s annual report.
Led by Puri’s ‘ITC Next’ strategy over the last four years, the company has provided dedicated focus on extreme agility, building resilience, innovation across every node of business, digital acceleration, cost optimisation, customer centricity, investing in new vectors of growth and ensuring supply chain agility.
In the last four years, the company has seen significant progress in FMCG, hotels, agri, paperboards, paper and packaging businesses with a strong zero debt balance sheet.
Going forward, the company is also looking at strategic opportunities in scaling up FMCG exports.
“The FMCG businesses will continue to expand their export footprint leveraging the equity of their world-class brands — with a reach now spanning over 60 countries.
“Your company also continues to explore strategic opportunities in proximal markets as a potential vector of growth going forward,” the company has said in its annual report.
The company also said that the PLI scheme has added further fillip to ITC’s exports across biscuits and cakes, snacks, dairy and ready-to-eat categories.
Sales through e-commerce have also grown rapidly, with the channel now accounting for over 10 per cent of ITC’s branded packaged foods and personal care products.
The total remuneration of ITC CMD Sanjiv Puri has increased 53 per cent to Rs 16.31 crore for FY 2022-23.
A year ago, Puri’s total remuneration was Rs 10.66 crore, which included a basic salary of Rs 2.64 crore, perquisites and other benefits of Rs 49.63 lakh.
However, his performance bonus/commission was Rs 7.52 crore only in FY22.
After Puri, Nakul Anand is the second highest-paid employee of ITC with a total remuneration of Rs 8.18 crore for FY23. He is followed by B Sumant with Rs 7.58 crore.
Anand oversees the hospitality and travel & tourism businesses of ITC, while Sumant oversees the paperboards, paper and packaging as well as the personal care and education & stationery products businesses of the company.
