Tata Consultancy Services (TCS) CEO and MD, K Krithivasan drew Rs 25.36 crore in annual compensation in FY24, which is the lowest amongst the large information technology firms.
Interestingly, outgoing chief operating officer, NG Subramaniam earned more than Krithivasan in FY24. However, Krithivasan’s salary as CEO was for 10 months while Subramaniam’s was for the full year. Krithivasan took over as the CEO from Rajesh Gopinathan on June 1, 2023. In his short tenure of two months before resigning, Gopinathan earned Rs 1.1 crore. In FY23, he received a total remuneration of Rs 29.16 crore, a 13% year-on-year increase from Rs 25.75 crore.
Krithivasan’s compensation included basic salary, benefits, perquisites and allowances, and commission. He received a commission of Rs 21 crore in FY24, according to TCS’ annual report.
The compensation does not include the employee stock purchase scheme (ESPS). He holds around 11,232 stocks in the company.
Subramaniam’s compensation during the fiscal was Rs 26.18 crore, an 8.2% increase from the previous year. Of this, Rs 21 crore was the commission while the rest salary and benefits.
While the other IT firms are yet to come out with their annual reports for FY24, in FY23, Infosys’ CEO Salil Parekh earned the most amongst IT company CEOs, at Rs 56 crore annual remuneration package. This was followed by the newly appointed Wipro CEO Srinivas Pallia, whose annual remuneration package is approximately Rs 50 crore.
C Vijayakumar, CEO of HCLTech, ranks next, earning Rs 28.4 crore in FY23. Tech Mahindra’s Mohit Joshi’s annual fixed compensation is Rs 6.5 crore and an equal amount in annual variable pay in FY22-23.