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ITC Chairman Sanjiv Puri Witnesses Remarkable 53.08% Surge in Total Pay to Rs 16.31 Crore in FY22-23

The success of any firm's expansion can be largely attributed to the strategic decisions made by its leaders, and the recognition of their efforts is reflected in their salaries. One such prominent figure in the Indian corporate landscape is Sanjiv Puri, the Chairman and Managing Director of ITC Limited. With a diverse portfolio ranging from cigarettes and stationery to cookies and other fast-moving consumer goods (FMCG), ITC Limited holds a prominent position in the country's business sphere. Moreover, the corporation's foray into the upscale hotel segment has proven to be a lucrative venture.

Sanjiv Puri's impressive journey at ITC began when he was appointed as the only director on the ITC Board in 2015. His dedication and leadership skills quickly earned him the position of CEO within two years. Subsequently, he was named the Managing Director, and now he holds the esteemed position of Chairman at the helm of this colossal corporation. Puri's remarkable talent has been honed by his educational background, which includes an engineering degree from IIT Kanpur and an MBA from the prestigious Wharton School of Business in the USA. Having joined ITC in 1986, Puri has been an integral part of the company's growth and success throughout his tenure.

For the fiscal year 2022-23, Sanjiv Puri witnessed an impressive total pay rise of 53.08 percent, taking his annual compensation to a noteworthy Rs 16.31 crore. This consisted of a base pay of Rs 2.88 crore, complemented by benefits and perks amounting to Rs 57 lakh, and a substantial performance-based bonus, long-term incentives, and commission totaling Rs 12.86 crore. Comparatively, the previous year's compensation amounted to Rs 10.66 crore, comprising Rs 2.64 crore in basic pay and Rs 49.63 lakh in additional perks.

It is noteworthy that Sanjiv Puri's performance incentive or commission of Rs 7.52 crore was awarded only in FY22, indicating the remarkable growth trajectory of the company under his leadership. As of now, ITC Limited holds a market capitalization of an impressive Rs 5.88 trillion (Rs 5,88,000 crore), showcasing its substantial presence and stability in the market.

In conclusion, Sanjiv Puri's ascent within ITC Limited has been nothing short of extraordinary. His visionary decision-making, coupled with his steadfast dedication, has driven the company's growth and prosperity. The significant pay rise in FY22-23 is a testament to his valuable contributions and achievements as the Chairman and Managing Director of ITC, cementing his position as a prominent leader in the Indian corporate landscape.

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