High-Powered Executives of 2024: Abhay Bhutada and Top Industry Leaders

 For those of us working in the banking sector, understanding how top executives are compensated offers valuable insights into the leadership strategies that drive corporate success. The 2024 list of India’s highest-paid executives includes both familiar faces and some surprises. Let’s break down who made it to the top this year and what their compensation packages reveal.

Abhay Bhutada’s Unprecedented Earnings

Abhay Bhutada, former Managing Director of Poonawalla Fincorp, took the top spot with INR 241 crore in total compensation for FY24. This is the highest compensation ever recorded for an executive in a publicly listed company in India, surpassing the previous record held by A.M. Naik of L&T.  

Abhay Bhutada


Bhutada’s earnings reflect his significant contribution to Poonawalla Fincorp’s growth. Under his leadership, the company’s assets under management exceeded INR 25,000 crore, and the profit after tax surpassed INR 1,000 crore. While he is no longer associated with Poonawalla Fincorp, Bhutada now serves as a strategic advisor to the Cyrus Poonawalla Group. Additionally, he is the founder and chairman of the Abhay Bhutada Foundation, which is dedicated to supporting underprivileged children.

Also Read: Abhay Bhutada Foundation’s First-Year Highlights

N. Chandrasekaran’s Consistent Leadership  

N Chandrasekaran, executive chairperson of Tata Sons, earned INR 135.3 crore in FY24, marking a 20% increase over the previous year. His earnings underscore the value of strong leadership in one of India’s largest and most diverse companies.

Chandrasekaran’s strategic decisions have played a key role in driving Tata Sons’ growth, making his compensation well-deserved. For professionals in the banking sector, it’s crucial to recognize the impact of leadership on a company’s financial performance.

Thierry Delaporte’s Impressive Tenure  

Thierry Delaporte, former CEO of Wipro, earned INR 167 crore in FY24, including salary, commissions, and stock options. His leadership significantly boosted Wipro’s stock value, which rose by 121.43% during his tenure.  

Delaporte’s compensation reflects the growing trend of using stock options as part of executive pay packages, particularly in the tech sector. Although he stepped down in April 2024, his influence on Wipro’s performance remains clear.

Also Read: What Are The Key Takeaways From Budget 2024?

Pawan Munjal’s Thoughtful Decision  

Pawan Munjal, executive chairman of Hero MotoCorp, earned INR 109.41 crore in FY24. However, his decision to voluntarily reduce his salary by 20% shows a strong commitment to aligning his compensation with shareholder expectations.  

Munjal’s leadership in balancing personal earnings with the company’s long-term goals is a valuable example for executives across industries, including banking.

Rajeev Jain’s Rise

Rajeev Jain, Managing Director of Bajaj Finance, earned INR 101.4 crore in FY24, with a significant portion of his earnings coming from stock-based compensation. His total pay included INR 52.22 crore from equity shares, making him the highest-paid executive among the Nifty50 companies.  

Rajeev Jain


Jain’s compensation package highlights the increasing importance of stock options in executive pay, a trend that aligns with global practices in the banking and finance sectors.

Also Read: 5 Foundations Leading the Way in Empowering Underprivileged Students in India

Conclusion

2024 was a standout year for executive compensation, with Abhay Bhutada’s salary breaking all records. As the role of leadership evolves, we can expect compensation packages to continue reflecting both performance and vision, particularly with the growing use of stock options. For those of us in banking, understanding these trends is key to navigating the future of corporate governance.

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