Hero MotoCorp Chairman Pawan Munjal seeks salary cut of 20%

livemint.com:

Hero Motocorp Chairman Pawan Munjal received approval for his proposed 20% reduction in his salary. Earlier, he had volunteered for a salary cut after the separation of roles of Chairman and CEO of the company. Also Read: Hero Motocorp Q2 results: Net profit jumps 47% to ₹1,054 crore; revenue up 4% The Board of Directors of the Company, on Wednesday, announced the quarterly earnings of the company for the September quarter.

Other than Q2 results, it also approved the proposed salary cut of Pawan Munjal. His updated remuneration as Executive Chairman, will come into effect from 1 January 2024. “Earlier this year, Dr.

Pawan Munjal decided to separate the roles of the Chairman & CEO and appoint a CEO for the Company. Following this transition, he has now volunteered to reduce his fixed salary by 20%. The same was approved by the Board of Directors at its meeting today following the recommendations of the Nomination & Remuneration Committee.

The updated remuneration of the Executive Chairman will be effective 1st January 2024" said the company in its stock filing on Wednesday. Also Read: Mamaearth IPO: Company management, selling shareholders, peer comparison, risks, among 10 key points from RHP The two-wheeler manufacturer reported a 47% rise in net profit of ₹1,054 crore in the second quarter of fiscal year 2023-24 against ₹716 crore reported in the year-ago period. Its operational revenue stood at ₹9,445 crore during Q2FY24.

Its operational revenue increased by 4.1 percent against ₹9,075 crore recorded in the September quarter of FY22-23. Also Read: Jindal Steel and Power share price declines 7% despite good Q2 results. This is what brokerages have to say Its earnings before interest, depreciation, taxes, and amortisation