Petronet CEO gets 27% salary raise in FY20; Search launched for new chief on modified terms
India’s biggest gas importer Petronet LNG Ltd gave its outgoing chief executive Prabhat Singh a record 27 per cent rise in remuneration in FY20 and has now begun a search for a new CEO on modified terms that made just retired executives of PSUs ineligible.
Singh, who completes his five-year term as managing director and CEO next month, took home a record Rs 1.8 crore in fiscal 2019-20 (April 2019 to March 2020), according to Petronet’s latest annual report.
This included Rs 22.5 lakh commission on profit.
Petronet, which is registered as a private limited company but is headed by the oil secretary, had paid him a total of Rs 1.4 crore in the previous fiscal.
