When banking regulator Reserve Bank of India (RBI) appointed Sudha Balakrishnan, former National Securities Depository Ltd (NSDL) executive, as its first-ever Chief Financial Officer (CFO), the step indicated towards the rising demand for specialised financial skill sets from India Inc.
As per the industry reports, around 50 listed companies have made designated new executives as their CFOs in the last 10-15 months. These appointments have also witnessed significant growth in terms of packages of the executives. The remunerations offered to the CFOs have reported over 40 percent growth in the recent past.
Reports suggest that the range of compensation offered to the CFOs starts from Rs 2 crore to Rs 5 crore as compared to Rs 1.5 crore to Rs 3 crore two or three years ago.
In the past one year, several CFOs namely Gagandeep Singh Bedi of Fortis Healthcare and Chandrakant Karkare of Gitanjali Gems, Bharat Kedia of Zee Entertainment Enterprises and Vineet Garg, Hathway Cable and Datacom have made an exit from the companies.
Sanjay Chakravarti, Indian fashion retail chain Shoppers Stop’s CFO Sanjay also stepped down in December.