Infosys CEO, Salil Parekh, was to be paid ₹ 79.75 crore salary after his reappointment, an 88 percent jump from his previous 5-year term pay.
CorporatesPosted by Rahul KarunakarUpdated: May 26, 2022 12:41 pm IST
Infosys CEO, Salil Parekh, was to be paid ₹ 79.75 crore salary after his reappointment, effective July 1, an 88 percent jump from his previous 5-year term pay.
Here Is Your 10-Point Guide To The Story:
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.
9. Mr Parekh has been the Chief Executive Officer and Managing Director of Infosys since January 2018.
10.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.