This Indian CEO Is Earning Rs 123 Crore/Year: Highest Paid IT CEO In India!
Amid the ongoing bustle about IT professionals switching companies at big pay hikes, reports of the CEO of IT giant HCL Tech’s remuneration in financial year 2021-22 has been doing rounds all over the internet.
In an annual report released by the multinational IT company, it was revealed that C. Vijayakumar, the company’s chief executive officer, received a total pay of $16.52 million, translating to Rs 123 crore, including Long-term Incentive or LTI in the year ending March 31, 2022.
This makes Vijayakumar the highest paid executive of all IT firms in the country, beating Thierry Delaporte, the CEO of Wipro’s remuneration of Thierry Delaporte in FY22.
HCL Tech CEO Becomes Most Paid Top Executive in India
According to an official annual report released by the Noida-based HCL Technologies on Friday,
“Mr. C. Vijayakumar did not receive any remuneration from the company, however he received remuneration (including LTI) of $16.52 million (equivalent Rs 123.13 crores) from HCL America, a step-down wholly owned subsidiary of the company.”
Vijayakumar’s annual base salary was $2 million. $2 million was added to the base salary as variable pay, followed by $0.02 million as perquisites and other benefits in the year (FY).
Add the LTI of $12.5 million and his total salary in FY22 flew to $16.52 million.
The annual report further added, “There has been no change in his remuneration during FY22 except for receipt of $12.5 million as LTI that is paid at fixed intervals (at the end of two years) based on the achievement of milestones / parameters fixed by the Board.”
Salaries Paid to Other IT Giants’ CEOs
In FY22, Salil Parekh, the CEO of Infosys got a compensation of $10.2 million/per annum, which was a 43% hike in the package, as the company’s revenue exceeded over $16 billion in the financial year.
However, the country’s largest IT player Tata Consultancy Services, despite witnessing a revenue jump to $25.7 billion in the March 31, 2022 ending financial year, paid a compensation of $3.3 million to its CEO Rajesh Gopinathan.