The million-dollar salary club of India’s private sector grew stronger in numbers in 2015-16, with professionals outnumbering promoters for the first time in the list of those with the highest annual income.
A study commissioned by Times of India to global executive search firm EMA Partners has found that 61 professional CEOs earned a package of Rs 6.5 crore or about a million dollars in 2015-16, compared to 58 promoters who form part of this elite club.
The study reflects the transformation in Indian enterprises where pay-for-performance defines the work culture and professionals get rewarded handsomely for the impact they create.
In the survey conducted for 2014-15, 52 out of the 100 executives who made it to the million-dollar salary list were promoters while the rest 48 were professionals.
Let’s take a look at India’s 10 highest-paid CEOs/CXOs for the financial year 2015-16:
Kalanithi Maran: Chief Managing Director of Sun TV Network, Maran’s salary in FY 2014-15 was Rs 61.3 crore which went up to Rs 71.5 crore in 2015-16 taking him to the top of the list of highest paid professionals.
Kavery Kalinithi: Second on the list is Kavery Kalanithi, Managing Director at Sun TV Network, who took home the same pay package as Maran – Rs 71.5 crore for FY 2015-16. In contrast, her salary was 61.3 crore in 2014-15.
A M Naik: Naik, Chairman at Larsen & Toubro, got a package of Rs 27.3 crore in 2014-15 which increased to Rs 66.1 crore in 2015-16 – a hike of 142 per cent.
Pawan Munjal: Chief Managing Director at Hero MotoCorp, Pawan Munjal received a salary package of Rs 57.4 crore in 2015-16, against Rs 44.6 crore in 2015-15.
Sunil Kant Munjal: Former Joint Managing Director at Hero MotoCorp enjoyed a hike of Rs 54.4 crore in 2015-16 from Rs 42.5 crore in 2014-15. He stepped down from the board of directors to focus on other businesses in August 2016.
O S Kanwar: Sixth on the list is O S Kanwar – Chairman at Apollo Tyres. Kanwar received a pay package of Rs 41.7 crore in 2014-15 which raised to Rs 53.5 crore in 2015-16.
Vishal Sikka: Infosys CEO Vishal Sikka, who is among the top 10 earners, is the newest entrant to the million-dollar club. Sikka enjoyed a pay hike of as much as 10 times – from Rs 4.6 crore in 2014-15 to Rs 48.7 crore in 2015-16.
Murali Divi: CMD at Divi’s Laboratories, Murali Divi grabbed the eighth spot in the list of top-paid professionals. Divi enjoyed a pay package of Rs 45 crore in 2015-16 compared to Rs 35.4 crore in 2014-15.
Desh Bandhu Gupta: Desh Bandhu Gupta is the Chairman of Lupin Limited, a transnational pharmaceutical company. In FY 2014-15, Gupta received a pay package of Rs 37.6 crore, which grew to Rs 44.8 crore in 2015-16.
K Venkataramanan: Venkataramanan, former CEO and MD at Larsen and Toubro, got a pay package of Rs 43.3 crore in 2015-16, which was Rs 13.6 crore in 2014-15.