After his reappointment, Salil Parekh, the CEO of Infosys, will be paid Rs 79.75 crore, an increase of 88 per cent over his previous 5-year term compensation.
Salil Parekh, CEO of Infosys, will be paid 71 crores in fiscal 2022.
After his reappointment on July 1, Salil Parekh, the CEO of Infosys, will be paid Rs 79.75 crore, an increase of 88 per cent over his previous 5-year term remuneration.
Here's a quick rundown of the story in ten points:
On Sunday, the board of directors of Infosys Limited, India's second-largest IT services firm, resolved to re-appoint Salil Parekh as Chief Executive Officer (CEO) and Managing Director (MD) for a five-year term beginning July 1, 2022 and ending March 20, 2027.
After shareholders accept his 5-year term reappointment, Infosys CEO Salil Parekh will be paid Rs 79.75 crore per year, making him one of the country's highest-paid CEOs.
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That would be an increase of 88% above his previous five-year term compensation.
The company defended the large raise in the shareholder notice by claiming industry-leading growth in previous years.
According to a stock exchange filing, he was awarded a salary of 71 crores in fiscal 2021-22, up from 49.68 crores in fiscal 2020-21.
Mr Parekh's income for 2021–22 was broken down as follows: 52.33 crores in perquisites for stock options exercised, 5.69 crores in fixed pay, and 38 lakh in retirement benefits. Variable compensation of 12.62 crores was also included in the remuneration.
The board of directors of Infosys approved a grant of 104,000 shares to six key management professionals and another 375,760 shares to 88 additional senior executives, resulting in Salil Parekh's pay increase.
However, Infosys co-founder and chairman Nandan Nilekani elected not to be compensated for his contributions to the business.
Since January 2018, Mr Parekh has served as the Chief Executive Officer and Managing Director of Infosys.
TCS CEO Rajesh Gopinathan earns Rs 25.76 crore each year, while Wipro's Paris-based CEO earns Rs 64.34 crore. HCL Tech's CEO is paid 32.21 crores, whereas Tech Mahindra's CEO is paid 22 crores.