New Delhi: Tata Motors' CEO and Managing Director Guenter Butschek took home over Rs 22.55-crore salary last fiscal, while other key officials saw their remunerations cut in a year when the company was saddled with losses.
However, most of the independent directors of the company except Nusli Wadia, who was removed from the board in December last year, saw their remunerations grow in high double digits, as per the company's Annual Report for 2016-17.
Ravi Pisharody, erstwhile Executive Director and former head of the company's commercial vehicles (CV) business unit who had quit the company last month, saw his salary drop by 17 per cent to Rs 2.3 crore in the last fiscal.
Likewise, Executive Director Satish Borwankar, who has taken over as chief operating officer, drew a remuneration of Rs 2.14 crore last fiscal, a cut of 12 per cent.
Tata Motors Chief Financial Officer C Ramakrishnan also saw his salary trimmed by 2 per cent during the year to Rs 4.1 crore. Similarly, Company Secretary Hoshang Sethna's salary was reduced by 6 per cent to Rs 1.22 crore in the year.
As for Butschek, the report said he "joined on February 15, 2016 hence percentage increase in the remuneration is not comparable".
He was paid Rs 22.55 crore last fiscal. Independent Director R A Mashelkar's remuneration was at Rs 1.56 crore, up 47 per cent, while that of N Munjee was at Rs 1.44 crore, an increase of 27 per cent.
Independent Director S Bhargava who retired with effect from March 29, 2017 had drew Rs 9 lakh during the year, up 5 per cent, while V K Jairath received Rs 1.58 crore, up 45 per cent.
Wadia, who was voted out by the company's shareholders from the board in December last year, had received Rs 6.6 lakh similar to former Chairman Cyrus Mistry, who was ousted as Tata Sons Chairman last year. New Chairman N Chandrasekaran who was appointed on January 17, 2017 took home Rs 2.4 lakh in 2016-17.
Addressing shareholders in the company's Annual Report 2016-17, Chandrasekaran stated that Tata Motors' standalone net revenue increased by 3.7 per cent to Rs 44,777 crore for the 12 months ended March 31, 2017 but standalone loss before tax for the year fell to Rs 2,421 crore, compared with Rs 67 crore in the prior year.
Consolidated net revenues declined by 1.2 per cent to Rs 2,69,850 crore for the 12 months ended March 31, 2017 and consolidated profit-before-tax for the year fell sharply to Rs 9,315 crore, compared with Rs 14,126 crore in the prior year, he added.