Arun Sarin earns more than Mittal

PAY JUMP: Vodafone CEO Arun Sarin emerges richest Indian in terms of annual remuneration.

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Keywords: CEO Salary, Laxmi Mittal

New Delhi: Lakshmi Mittal may be the richest Indian by virtue of his stake in world's biggest steel empire, but in terms of annual remuneration as a CEO, he has been beaten by another India-born chief executive, Arun Sarin.

Vodafone, the world's largest mobile player in terms of revenue, gave more than $33 million (about £16.9 million) to Sarin as salary and other benefits in the form of cash, stocks and options in the financial year ended March 31, 2007.

Sarin got a base salary of $2.5 million (£1.27 million) while his total cash remuneration — including incentives and other benefits — stood at $6.4 million (£3.24 million), the company said in its annual report.

This is the largest ever annual cash remuneration received by Sarin as Vodafone CEO, exceeding his £3.196 million package in the year ended March 31, 2004.

This was higher than the salary taken by LN Mittal last year as CEO of Mittal Steel, to be renamed as ArcelorMittal. The steel giant disclosed last month in its annual report Mittal earned a base salary of $2.005 million, while total cash package including performance related payment stood at $3.68 million.

Sarin was also granted shares worth $7 million (£3.5 million) under the company's short-term and long-term incentive plans, in addition to grant of stock options worth about $20 million (£10 million).

The total share options held by Sarin at the end of last fiscal were valued at about $70 million. Besides, he has accumulated shares worth about $22 million, which have been given to him under various incentive plans.