Infosys CEO, Salil Parekh, to be paid ₹ 79.75 crore salary after his reappointment, an 88 per cent jump from his previous 5-year term pay.
1. The board of Infosys Limited, India's second-largest IT services company, on Sunday, had decided to reappoint Salil Parekh as its Chief Executive Officer (CEO) and Managing Director (MD) for a five-year term starting July 1, 2022, and ending March 2027.
2. Infosys CEO, Salil Parekh, will be paid 79.75 crore per year after shareholders approve his 5-year term reappointment, making him one of the highest-paid executives in the country.
3. That would also mark an 88 per cent hike from his previous five-year term salary.
4. In the shareholder notice, the firm justified the fat hike citing industry-leading growth in recent years.
5. According to a stock exchange filing, he was paid a ₹ 71 crore salary in fiscal 2021-22, a near 43 per cent jump from ₹ 49.68 crore in 2020-21.
6. The breakdown of Mr Parekh's salary for 2021-22 showed: ₹ 52.33 crore in perquisites on account of stock options exercised, fixed pay of ₹ 5.69 crore, including ₹ 38 lakh in retirement benefits. The salary also included ₹ 12.62 crore in variable pay.
7. Salil Parekh's jump in compensation results from Infosys board of directors' approval of a grant of 104,000 shares to six key management personnel and another 375,760 shares to 88 other senior executives.
8. But Infosys co-founder and chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services rendered to the company.
TCS CEO Rajesh Gopinathan's annual salary stands at ₹ 25.76 crore, while Wipro's Paris-based CEO has a pay of ₹ 64.34 crore. HCL Tech CEO has a package of ₹ 32.21 crore while Tech Mahindra CEO earns ₹ 22 crore.