According to a recent report by The Economic Times, the CEO of D-Mart operator Avenue Supermarts, Ignatius Navil Noronha, is hailed as the wealthiest non-promoter professional in India.
The report calculated the net worth of each executive on the basis of the stocks they own in the companies alone and excludes their salary and other compensation.
Noronha’s net worth is estimated to be more than Rs 3,128 crore, giving him the title rightfully. Noronha has been on the MD and CEO of Avenue Supermarts since 2006.
The company’s founder Radhakishan Damani has now become the second richest man in the country. Damani has assets worth $ 17.8 billion and is only slightly behind Reliance Industries chairman, Mukesh Ambani, in the country’s wealthiest list.
Also Read: Radhakishan Damani- Success Story Of India’s 2nd Richest Person
However, in the list of the wealthiest non-promoter CEOs, HDFC Bank‘s Managing Director Aditya Puri stood second with a net worth of Rs 943 crore.
CFO of DMart, Ramakant Baheti, is third in the list of top professionals. Baheti’s net worth is Rs 666 crore.
Promoter CEOs have their money invested in the company and they are more inclined towards creating a long term shareholder value. They are the owners of the company and have the right to profits of the company.
The professional managers, however, are more concerned about short term profits because their commissions and incentives are dependent on it & arguably have better skill sets to successfully manage a company.
