Salil Parekh, chief executive officer of Infosys, is the second-highest paid CEO amongst the domestic IT services company, with a total remuneration of Rs 66.25 crore in FY24. This is up from Rs 56 crore in FY23, according to Infosys’ FY24 annual report.
Parekh’s salary is second only to Wipro’s former CEO Thierry Delaporte, who earned about Rs 166 crore in fiscal 2024.
Parekh’s FY23 compensation had declined to Rs 56 crore from Rs 71 crore in FY22.
The rise in Parekh’s salary in FY24 was mainly due to the higher number of restricted stock units (RSUs) he exercised, the company detailed in the annual report. Infosys offers RSUs based on time or performance indicators, like total shareholder returns and company operating metrics. In its 2015 plan, the stocks are vested largely based on time, and in the 2019 plan, the benefit is based on performance indicators, including total shareholder returns and the company痴 operating metrics.
Parekh’s pay package includes Rs 39.03 crore from RSUs, Rs 7 crore base pay, and Rs 19.75 crore in variable pay, an increase from Rs 12.62 crore in FY23.
Meanwhile, Nandan M Nilekani, non-executive chairman of Infosys, voluntarily opted out from receiving any remuneration for his service to the company.
Looking at the broader industry, remuneration among Infosys’ rivals varied. Wipro’s former CEO Thierry Delaporte’s FY24 earnings included a severance package of Rs 92.1 crore. His successor, Srinivas Pallia, is set to receive about Rs 50 crore in FY25.
The next-best paid CEO of an IT company was C Vijayakumar of HCL Technologies, who earned Rs 28.4 crore in FY23.
Tata Consultancy Services (TCS) CEO and MD K Krithivasan drew the lowest among the large IT companies at Rs 25.36 crore for the fiscal 2024.
LTIMindtree paid CEO Debashis Chatterjee, who was appointed in November 2022 after the merger of L&T and Mindtree, got Rs 17.5 crore in FY23.
Tech Mahindra’s Mohit Joshi received an annual fixed compensation of Rs 6.5 crore and an equal amount in annual variable pay.