Mahindra and Mahindra released its annual report for the year ended March 2024 on Saturday ahead of its annual general meeting scheduled to be held in July.

What Happened: As per the report, the auto giant’s CEO Anish Shah‘s total salary for the year was 24.22 crore. The number includes the perquisites and value of ESOPs exercised. This is around a 47% increase from the ₹16.44 crore he was paid in the year ended March 2023. His salary is around 222 times greater than the company’s median salary, which stands at around ₹10.90 lakh. There was an increase of 6.86% in the median remuneration of employees.

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After the retirement of Pawan Goenka in 2021, Shah took over as managing director and CEO of the Mahindra Group. Before joining the Mahindra Group, Shah served as president and CEO of GE Capital India from 2009 to 2014, where he spearheaded the business’s transformation, notably turning around its SBI Card joint venture. His 14-year career at GE included various leadership roles at GE Capital's US and global units. Anish also led Bank of America’s US Debit Products business and has experience working with Bain & Company in Boston and Citibank in Mumbai.

Chairman Anand Mahindra took home a total salary of around ₹5.15 crore for the year. His remuneration includes sitting fees and commission. It is a marginal increase from the ₹5.14 crore he made last year.

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