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.
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