Professional CXOs dominate India Inc's million-dollar-plus compensation club in FY23
In the second place was Pawan Munjal, CMD of Hero Moto Corp, with a compensation of ₹99.55 crore in FY23, up from ₹84.35 crore in the previous year, according to a study of the BSE 200 companies conducted for ET by leading search firm EMA Partners India.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Digital OfficerVisitIndian School of BusinessISB Chief Technology OfficerVisitIIM LucknowIIML Chief Operations Officer ProgrammeVisitProfessional CXOs dominated India Inc's million-dollar-plus compensation club in FY23 with almost twice as many professional managers in the elite league as promoters. Of the 179 CXOs who took home more than $1 million last fiscal, a record 66.5%, or 119, were professionals, up from 59% in FY22.
For the purpose of the study, the compensation includes exercised stock options, and the data has been sourced from the annual reports of the companies.
«These numbers are not surprising… professionals today have an opportunity to command a fair share of the value they create,» said K Sudarshan, managing director of EMA Partners India.
«It is also a huge reflection of the evolution of Indian businesses and the depth and scale our economy can offer. There are scores of professionals who have benefited from such opportunities our market had to offer in the past 10-15 years,» said Sudarshan.
However, despite the list being headed by a woman, there are only seven women in the list of 179 million-dollar CXOs for FY23.
Keeping pace with the growth of businesses, the number of C-suite executives earning a million-dollar-plus salary, or ₹8.2 crore with the rupee pegged at 82 per US dollar, at BSE 200 companies hit a new high in
