Sarin ups Mittal in pay

Monday, 18 June 2007, 07:00 Hrs
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When Arun Sarin, the India born CEO of Vodaphone took home a whopping sum of $33 million as salary in the financial year ended March 2007, he beat Lakshmi Mittal, the steel tycoon in terms of annual remuneration as CEO. Though L.N. Mittal, is the richest Indian by virtue of his stake in the world?s largest steel empire, when it comes to the pay packet Arun Sarin walks ahead of him.

In the financial ended March 2007, Vodaphone, the leading mobile player by revenue, gave more than $33 million to Sarin as salary and other benefits in the form of cash, stocks and options. According to the annual reports of Vodaphone, Sarin?s base salary worked out to be $2.5 million, while his total cash remuneration including incentives and other benefits stood at $6.4 million. In addition to stock options worth $20 million Sarin was also granted shares worth $7 million under the company?s short term and long term incentive plans.

Lakshmi Mittal disclosed his base salary as $2.005 million in the annual reports last month. His total cash package stood at $3.68 million other than the base salary disclosed. Last year Mittal was running in the forefront, with Sarin following at close heels by a base salary of $2.18 million compared to Mittal?s $2.20 million.

The Vodaphone CEO was rewarded this year for successfully executing the Hutchinson-Essar deal in India with a hike of 5,17,000 pounds, that is about a 19 percent increase. He had come under sharp criticism when he walked home with a pay packet of 5 million pounds after a 9 percent hike earlier. This was when Vodaphone had declared a 15 million pound loss. Vodaphone had scaled down its net loss to about 5.4 billion pounds in the current fiscal mainly due to the fact that it is now shifting its interest to two emerging markets of India and Turkey
Source: IANS
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