Infosys CEO Earned Rs 13 Lakh/Day In Last 12 Months; Becomes Richest CEO Beating Wipro, TCS, HCL
The CEO of Infosys, the country’s 2nd largest IT firm, Salil Parekh earned a remuneration of Rs 49.68 crore in FY21, a jump of 45% from the Rs 34.27 crore he drew in FY20.
The hike came about as Parekh exercised 3.92 lakh restricted stock units worth Rs 31 crore, which is a jump from the Rs 17 crore he earned the previous fiscal.
Top Management Salaries
Chairman Nandan Nilekani chose to bypass remuneration for his work.
COO Pravin Rao earned Rs 17.33 crore, registering a growth of 63%.
Presidents Mohit Joshi and Ravi Kumar made Rs 34.82 crore and Rs 25.54 crore respectively.
Rival Firms’ Salaries In Comparison
By comparison, TCS CEO and MD Rajesh Gopinathan earned 53% more in FY 2021 taking his salary total to Rs 20.36 crore.
The salary amount saw a hike from the Rs 13.3 crore he earned in the financial year 2019-20.
After the coronavirus contagion became a worlwide crisis and the ensuing economic impact, the company executives elected to take a cut of 15% to their remuneration considering the need for the firm to conserve resources.
Former Wipro CEO Abidali Neemuchwala raked in Rs 34 crore as he resigned in January 2020.
Incoming Wipro CEO Thierry Delaporte receives an annual package of Rs 37.9 crore along with stock compensation and other benefits.
No. Of Infosys Crorepatis Increase
The number of crorepatis in Infosys, or those earning Rs 1.02 crore annually, rose to 96 in FY21 from 74 last year.
Nilekani said that the firm was able to win major deals worth over $14 billion due to its focus on solution development, client-centric approach and investing in transforming its digital infrastructure.
The average salary of employees was Rs 7.2 lakh in fiscal 2021, registering an increase of 5.9% from Rs 6.8 lakh in fiscal 2020.
COO To Be Rewarded With Special Bonus
Infosys is also looking for approval to reward COO U B Pravin Rao with a one time bonus of Rs 4 crore as he goes into retirement.
Rao was hailed for his leadership and contributions during the pandemic.
He is also said to have taken charge of efforts to grow IT infrastructure and to ensure employee health and safety.
Infosys’ Place In A Changing World
Nilekani also spoke about the new changes the world is grappling with.
Among those are the hybrid work from home and office model, wide scale cloud adoption driving technology transformation and businesses experiencing digital acceleration.
He put Infosys forward as the best choice for clients looking for a firm which would put their interests first and a “thought leader” who can guide them into the future.