Infosys CEO Salil Parekh
According to Infosys’ annual report, the CEO Salil Parekh’s total compensation for the fiscal year 2022-23 dropped by 21% to Rs 56.44 crore compared to Rs 71 crore in the previous year. The decrease was primarily attributed to lower stock option exercises and changes in the company’s bonus plan, which resulted in a lower bonus for Parekh. His base salary was Rs 6.67 crore, and he received a performance-linked bonus of Rs 18.73 crore, stock awards worth Rs 9.71 crore, and other benefits totaling Rs 45 lakh.
Despite the decline, Parekh’s pay remains significantly higher than the average Infosys employee, who earned Rs 10.3 lakh in FY23. The median remuneration of employees at Infosys increased to Rs 9,00,012 from Rs 8,14,332 in the same period.
Parekh’s compensation decline was largely due to a change in the bonus plan, which made it more performance-based, and the non-exercise of stock options worth Rs 52.33 crore that were included in his previous year’s compensation.
Parekh expressed that FY23 was a successful year for the company, with over 15% growth and $2.5 billion in operating margins. He highlighted the importance of digital, cloud, and automation capabilities, along with cost efficiency, in the evolving economic environment.
It is worth noting that Mohit Joshi, the former president of Infosys, who left in March to become the CEO of Tech Mahindra, earned Rs 57.32 crore in FY23, making him the highest-paid employee in the company.
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