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| Ranbaxy cuts pay package to one-third for new chief |
| Press Trust of India / New Delhi Aug 16, 2009, 15:39 IST |
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The country's top drugmaker, Ranbaxy, has proposed an annual pay package of Rs 6 crore for its new CEO and MD Atul Sobti, but his remuneration would be less than one-third of the same for his predecessor Malvinder Mohan Singh.
Incidentally, Singh's remuneration was in excess of the prescribed regulatory limits and Ranbaxy is waiting for the shareholders' nod to seek the waiver of relevant norms from the central government.
Singh was paid in excess of Rs 9 crore and a host of other benefits for a period of little over five months during which he held the positions of Chairman, CEO and Managing Director at Ranbaxy -- giving an average payout of about Rs two crore a month.
After holding the office of CEO and MD for about three years, Singh was elevated to the position of Chairman, CEO and MD of Ranbaxy for a period of five years on December 19, 2008.
However, he resigned from these positions on May 24, 2009 and Atul Sobti was appointed as CEO & MD for a period of three years with effect from the same date.
Ranbaxy was promoted by Singh and his family before they sold their holding to Japanese drugmaker Daiichi Sankyo last year. At the time of announcement of the deal in June 2008, it was decided that Malvinder Singh would continue as CEO and MD and would also assume the position of Chairman after the closure of the deal.
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