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Tata Motors cuts salaries of key executives in FY17, CEO drew Rs 22.55 cr N

Mumbai: Automobile major Tata Motors’ whole-time directors and key managerial personnel saw a downward revision in their remuneration during the last financial year, the company’s annual report said.

According to the Annunal Report for 2016-17, remuneration of its Executive Director Ravi Pisharody, who has recently quit the company had decreased by 17 per cent to Rs 2.3 crore in 2016-17.

Similarly, ED Satish Borwankar’s had come down by 12 per cent to Rs 2.14 crore, whereas the company’s CEO and Managing Director Guenter Butschek received more than Rs 22.55 crore during the period under review.

“Guenter Butschek joined on February 15, 2016, hence percentage increase in the remuneration is not comparable,” the company’s 72nd Annual Report said.

As per the report, key managerial personnel like Chief Financial Officer C Ramakrishnan’s remuneration fell by two per cent, while the salary of Hoshang Sethna, Company Secretary’s decreased by six per cent.

In the report, N. Chandrasekaran, Chairman, Tata Motors said: “Our consolidated net revenues declined by 1.2 per cent to Rs 269,850 crore for the 12 months to March 31, 2017.”

IANS