FMCG giant Nestle released its annual report for the 15-month period ended March 2024.

What Happened: As per the report, the company’s chairman and managing director Suresh Narayanan was paid a whopping 29.4 crore. However, the salary is for 15 months. Nestle India, which previously followed a January-December financial year, had approved a change to an April-March financial year.

As a transitional arrangement, the last financial year spanned 15 months, from January 1, 2023, to March 31, 2024. The previous financial year was a standard 12-month period from January 1, 2022, to December 31, 2022.

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Narayanan’s salary went up by around 16% as per the company’s report. His salary was 133 times more than the median salary of the company. The company’s CFO Svetlana Boldina took home a salary of ₹9.58 crore.

Narayanan joined the Board of Directors of Nestle India as managing director on August 1, 2015, and was designated as the chairman and managing director on October 29, 2015.

Prior to his current role, Narayanan served as chairman and CEO of Nestle Philippines. He joined Nestle in 1999 as executive vice president for sales in India, where he led significant structural and strategic changes in sales and customer management and established the chilled dairy business.

He began his career as a management trainee with Hindustan Unilever, where he held various positions of increasing responsibility in sales, marketing, and general management. He has also worked with Colgate Palmolive in India.

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