HUL CEO Sanjiv Mehta takes home Rs 22.36 crore as salary; check salary of new CEO

Hindustan Unilever (HUL), leading FMCG brand in India, announced its FY 2022-23 results in which the salary of the companies outgoing and the new incoming CEO was revealed.

The annual report disclosed the remuneration of top executives. Sanjiv Mehta, who will retire in June, received Rs 22.36 crore in annual compensation for FY23, a minor increase from the previous year's Rs 22.07 crore. Meanwhile, Rohit Jawa, set to assume the role of HUL's CEO, is expected to earn Rs 21.43 crore in FY24.

The FMCG company reported that FY 2022-23 year was marked by price increases, sluggish sales volumes, a slow rural recovery, and the appointment of a new CEO. As the Indian economy recovered from the impact of COVID-19, HUL observed a shift in consumer behavior, with individuals prioritising essential purchases over discretionary spending in a high inflationary environment.

Moreover, digitisation and sustainability emerged as influential factors in consumer purchase decisions during this period of economic normalization. While announcing the results, Mehta acknowledged their significance in shaping market trends.

It is worth noting that the company expanded its roster of high-performing brands, with 19 now surpassing Rs 1,000 crore in annual turnover, up from 16 in the previous fiscal year. Notably, Surf Excel became the first home and personal care brand in India to achieve over $1 billion in annual sales in FY23. Also, HUL's home care liquids portfolio, including fabric conditioners, liquid detergents, and dishwashers, exceeded Rs 3,000 crore in turnover. Additionally, both Lux and Pond's joined the Rs 2,000 crore club.

HUL added that the company has achieved 40 percent women's representation in its workforce in FY23. The company has set targets of employing 10,000 women in sales outer core positions by 2026 and 1,500 women on the shop floor by 2025. The annual report also pledged that by 2025, five percent of HUL's workforce would consist of people with disabilities.