HDFC Bank New CEO Anup Bagchi: HDFC Bank has appointed Anup Bagchi as its new MD and CEO. He will take home a massive annual pay package that has everyone talking. His compensation includes a fixed salary, performance bonuses, ESOPs, and top perks like a free house and car.
New Delhi (October 9): HDFC Bank has finally picked its new leader. Anup Bagchi is the man for the job. The bank confirmed that he will take over as the new MD and CEO. People are talking more about his massive salary than his actual appointment right now.
What is his salary?
According to reports, Anup Bagchi will earn a whopping Rs 43 crore every year. The bank shared this Rs 43 crore figure in its official filing with the stock exchanges. His pay package includes a fixed salary component. He will also get a bonus based on his performance. Anup Bagchi will officially take charge as the bank chief on the 27th. He previously gained a lot of experience handling various top roles at ICICI Bank.
How will the bank pay him?
Anup Bagchi will receive Rs 8.97 crore as his fixed base salary. He will also get Rs 26.92 crore as variable pay. The bank will pay one part of this variable pay in cash and the other part in Employee Stock Options (ESOPs). The cash payout stands at Rs 8.88 crore. The bank will hand out the remaining Rs 18.04 crore worth of ESOPs in four phased installments over the year.
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What about the bonus?
Anup Bagchi will take home a solid Rs 7.3 crore bonus every year. This bonus includes stock units worth Rs 3.19 crore and ESOPs worth Rs 4.16 crore.
Free car and housing perks
The bank has packed his compensation with excellent basic amenities. Anup Bagchi will get Rs 1.66 crore just for these basic perks. The bank will also provide Rs 54 lakh to cover his car and transport expenses. He is eligible to buy a brand new car worth Rs 1.40 crore ex-showroom. He can also take a Rs 3.75 crore loan at a concessional interest rate.
How much do other bank bosses earn?
Kotak Mahindra Bank CEO Ashok Vaswani takes home a Rs 17.23 crore package. Axis Bank CEO Amitabh Chaudhry earns Rs 10.30 crore annually. Meanwhile, current HDFC Bank CEO Sashidhar Jagdishan reportedly draws a salary of Rs 28.65 crore.
