Indian-Origin Diageo’s CEO, Ivan Menezes to Get 105 Crore Rs Annual Pay Package
Spirits Company Diageo Plc proposed the annual pay package of up to 105 crore Rupees for the Indian-origin newly appointed CEO- Ivan Menezes.
Spirits Company Diageo Plc proposed the annual pay package of up to 10.9 million British Pounds or around 105 crore Rupees for the Indian-origin newly appointed CEO- Ivan Menezes. Ivan Menezes was named as the new Chief Executive Officer of Spirits Company Diageo on 7 May 2013. He replaced Paul Walsh who remained the CEO of this British firm since 2000. Ivan Menezes was the Chief Operating Officer of the company earlier.
After his promotion as the CEO since 1 July 2013, he has already been given an 8.6 percent hike in his base salary, which came to one million Pounds or 9.6 crore Rupees. He would also be entitled for other benefits, which would total up to 9.9 million Pounds or 95 crore Rupees per annum. He would be entitled to a base salary of one million Pound as well as awards such as Pension payments, Senior Executive Share Option Plan (SESOP), Performance Share Plan (PSP) and Annual Incentive Plan (AIP).
Before joining Diageo, Ivan Menezes held senior positions with Whirlpool, Booz Allen Hamilton and Nestle. It is important to note that Ivan Menezes’s total package is higher than the average salaries earned by other CEOs in India as well as abroad. The managerial remuneration report by the Institutional Investors Advisory Services (IIAS) in July 2013 revealed that the average salary of CEOs in 500 biggest companies of India in 2012-13 fiscal year was 3.6 crore Rupees, while the sale of these companies in the US was 28 crore Rupees.
Diageo owns renowned brands such as Guinness, Baileys, Smirnoff and Johnnie Walker. It also acquired a stake in United Spirits from Vijay Mallya-led UB group in the deal which was worth 2 million US dollar. Diageo is listed in the UK and the US and employs around 28000 people across the offices in 80 countries of the world. The products of this company are sold in around 180 countries.