Hero Motocorp Chairman Pawan Munjal’s salary cut by 20 percent, know the reason?
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Hero MotoCorp The board of directors has approved a 20 percent reduction in the fixed salary of company chairman Pawan Munjal. Giving this information on Wednesday, the company said that Munjal himself had requested for this. The company said in the information given to the stock market that Munjal had decided this year to separate the roles of Chairman and Chief Executive Officer (CEO) and appoint a CEO.
Pawan Mujal himself cut his salary
The company said, “After this he has voluntarily reduced his salary by 20 percent. “The Board of Directors approved this in its meeting held on Wednesday following the recommendations of the Nomination and Remuneration Committee.” The company said that the revised remuneration will be effective from January 1, 2024.
Pawan Munjal’s annual salary was Rs 99.55 crore
According to the company’s annual report, Munjal’s total salary was Rs 99.55 crore in the financial year 2022-23. Hero MotoCorp had appointed the company’s Chief Financial Officer (Strategy Head) Niranjan Gupta as the new CEO of the company in March this year. His new responsibility has become effective from May 1, 2023. Munjal has retained the responsibility as the executive chairman and whole-time director of the company’s board of directors.
Pawan Munjal is a big name in the world of two-wheelers.
Pawan Munjal is the executive chairman and whole-time director of Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters. He is the son of Hero Group founder Brijmohan Lal Munjal. He joined Hero MotoCorp in 1986 and has held various positions in the company including Managing Director and Chief Executive Officer.
Under his leadership, Hero MotoCorp gained market share of over 20%.
Under his leadership, Hero MotoCorp has become the world’s largest two-wheeler manufacturer with a market share of over 20%. He has also led the company’s expansion into new markets such as South America and Africa. Munjal is a member of the board of directors of several companies including Hero Future Energies, Hero Fincorp and Hero Electric. He is also a member of the Confederation of Indian Industry (CII) and the Society of Indian Automobile Manufacturers (SIAM).
Salary cut in view of recent financial performance
In 2023, the board of directors of Hero MotoCorp approved a 20% cut in Munjal’s salary. The decision was taken in view of the company’s recent financial performance, which has been impacted by rising input costs and supply chain disruptions. Munjal has said that he understands the need for salary cuts and is committed to working with the company to overcome the current challenges. He is a respected figure in the Indian business community and is known for his leadership and vision. He is also a strong supporter of the development of the Indian automotive industry.
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