ITC chairman’s pay down

| June 23, 2016

ITC chairman, YC Deveshwar, took a two percent pay cut in the 2016 financial year ended March 31 as the company’s cigarette volumes declined in the face of tough regulatory measures, according to an Economic Times story citing the company’s annual report, which was released on June 21.

The story, relayed by the TMA, said that Deveshwar was paid Rs156,700,000, down from Rs159,500,000 the year before.

When asked about Deveshwar’s pay cut, an ITC spokesperson seemed to say that the change was down to the level of perquisites – perks – taken up.

In this case, the drop would not have been connected to the reduction in cigarette volumes, but would have merely been concurrent with them.

Deveshwar, who will move to a non-executive role next year, last had a pay reduction in the 2010 financial year, when his pay dropped by about three per cent.

Category: Breaking News

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