BackTCS board reappoints Chandrasekaran as MD, CEO
Chandrasekaran has been appointed for a period of five years, effective 6 October
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Mumbai: Tata Consultancy Services Ltd (TCS) has reappointed N. Chandrasekaran as chief executive and managing director for a period of five years, effective 6 October, the company said.
Chandrasekaran’s first five-year term ends on 5 October.
The decision was taken at a board meeting held on 3 September, the company said in a statement on Wednesday. It added the decision is subject to necessary approval of shareholders.
Chandrasekaran, who has built on the strong foundation laid by predecessor S. Ramadorai and extended TCS’s lead over the likes of Infosys Ltd and Wipro Ltd, earned an annual compensation of Rs.18.68 crore ($3.15 million) in the year ended March, compared with ₹ 11.7 crore the previous year.
The pay excluded Chandrasekaran’s earnings from the 88,528 shares he held in the company as of 31 March.
Chandrasekaran’s nearly 60% hike in annual salary in fiscal 2014 had made him the highest-paid chief executive in India’s $118-billion information technology (IT) industry.
But in July, Infosys, India’s second-largest software services provider, said it will pay its new chief executive Vishal Sikka $5.08 million (around ₹ 30.48 crore) in annual salary and stock options worth $2 million.
The announcement of Chandrasekaran’s reappointment was made after market hours.
On Wednesday, the TCS stock gained 2.45% to close at ₹ 2,601.30 on BSE, while the exchange’s benchmark Sensex index rose 0.45% to 27,139.94 points and the BSE IT index advanced 2.5% to 10,395.30 points.
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