Mumbai: All key management personnel of Godrej Consumer Products Ltd (GCPL) took pay cuts in fiscal year 2016-17 after taking hikes of 35-72% in fiscal year 2015-16, as per data from the company’s annual report.
Whole-time directors Adi Godrej and Nisaba Godrej took pay cuts of 26% and 15%, respectively, while managing director Vivek Gambhir took an 18% cut in his gross salary for 2016-17. In fiscal year 2015-16, Gambhir saw his gross salary rise 72% to Rs19.62 crore, one of the highest among heads of large consumer packaged goods firms in India. Gambhir’s gross salary has fallen to Rs15.95 crore.
A spokesperson for GCPL declined to comment, saying the company does not comment on salaries of its employees.
In May this year, GCPL had elevated Nisaba Godrej to the post of executive director of the company, taking over from her father Adi Godrej.
According to the company’s annual report, GCPL’s remuneration policy includes fixed and variable components, including “long-term incentives, benefits and prerequisites, and non-compensation elements (career development, work-life balance, and recognition)", the report said.