Mahindra Group MD & CEO proposed to get up to 83 per cent salary hike
Along with MD Anish Shah, Rajesh Jejurikar, who has been leading the automotive division as the executive director, will get a salary hike of 84 per cent.
Mahindra Group’s managing director and chief executive officer, Anish Shah, is expected to see a hike in his basic monthly salary from the present range of ₹18 to ₹30 lakh per month to between ₹30 and ₹55 lakh per month from August 1, 2023, to the remainder of the tenure of his appointment, which is March 31, 2025.
Shah's remuneration will also include a performance pay element that will be based on his performance and the performance of the company and this will be an amount not exceeding 235% of the annual basic salary from FY22/23 to Fy 24/25.
These changes have been proposed by the Board of Directors and are pending approval from shareholders, the automotive giant said in its annual report this week. The exact hike and other compensation details will be decided basis of the recommendation of shareholders.
The company told Hindustan Times that this is not an immediate increase and that it sets a flexible range that enables the Board to award future increases.
A salary hike has also been proposed for Rajesh Jejurikar, the Executive Director and CEO (Auto and Farm sector). His basic salary could increase from ₹26 lakh per month to ₹48 lakh per month up to the remainder of his tenure of appointment till March 31, 2025.
His performance pay will also not exceed 235% of the Annual Basic Salary from FY2023 to FY2025, the report added.
The MD and CEO of the Mahindra Group, Anish Shah, joined Mahindra Group in 2014, as Group President (Strategy), and worked closely with all businesses on key strategic initiatives, built capabilities such as digitisation & data sciences and enabled synergies across group companies, his profile page on the company's website said.
Rajesh Jejurikar is Executive Director and CEO (Auto and Farm Sector) at Mahindra & Mahindra Ltd., since 2020. He is a Director on the Board of Mahindra & Mahindra Ltd. and serves on the boards of other Mahindra Group companies in India as well as overseas.
