Petronet CEO gets record 27% pay hike as search begins for successor
NEW DELHI: Petronet LNG Ltd gave its outgoing chief executive Prabhat Singh a 27% pay hike, a record, even as the country’s largest importer of gas in ships began searching for a new CEO with new conditions.
According to the company’s annual report, Singh took home Rs 1.8 crore in 2019-20, including Rs 22.5 lakh commission on profit. He had received Rs 1.4 crore in 2018-19. These were way higher than salaries paid to CMDs of state-run oil companies are promoters of Petronet.
Petronet is registered as a private company promoted by state-run majors IndianOil, GAIL, ONGC and Bharat Petroleum but headed by petroleum secretary as the ex-officio chairman. While CMDs of promoter companies are appointed for five years and retire at 60, whichever is earlier. If the five-year term ends before the retirement age, the incumbent is usually given extension. Petronet CEO is also appointed for a five-year term but retire at 65.
