IT CEO Salaries: Gopinath of TCS versus Parekh of Infosys versus Delaporte of Wipro; details here
- Former TCS CEO Rajesh Gopinathan’s overall remuneration jumped 13.17 per cent to ₹29.16 crore in FY23.
The Bengaluru-based IT services major, Infosys’ annual report showed that chief executive officer (CEO), Salil Parekh’s compensation for the financial year 2022-23 took a drop of 21 per cent at ₹56.45 crore, down from ₹71 crore in the previous year. Parekh's remuneration consists of the base pay, retiral benefits, and fixed salary.
In addition, he also receives the value of stock incentives exercised during the period and any incentives or variable pay. The decrease appears to be due to Parekh exercising fewer restricted stock units (RSUs) during the year, according to reports.
On the other hand, former TCS CEO Rajesh Gopinathan’s overall remuneration jumped 13.17 per cent to ₹29.16 crore in FY23, his last year as the chief executive of the largest IT services player. In the annual report for FY23, TCS said Gopinathan earned over ₹25 crore as commission, a salary of ₹1.73 crore and ₹2.43 crore in other benefits.
Gopinathan, who headed the company for six years till May 31, had earned a salary ₹25.76 crore in FY22. Gopinathan’s pay cheque is lower compared to his predecessor N Chandrasekaran salary in FY17, before being appointed as the Tata Sons Chairman.
The company’s chief operating officer N G Subramaniam earned a total remuneration of ₹23.60 crore for FY23, up from about ₹20 crore in FY22.The annual report said that the increase in managerial remuneration is at 13.58 per cent as against the median hike of 5.11 per cent across its 6.14 lakh permanent employees.
For the same fiscal, FY23, Wipro CEO Thierry Delaporte drew a salary of ₹82.4 crore ($10 million), according to a Moneycontrol report.
Meanwhile, in his letter to shareholders, Infosys' Parekh highlighted that FY23 was a strong year for the company, with a growth rate of over 15 per cent and operating margins reaching $2.5 billion.
Parekh also mentioned that Infosys returned $3.1 billion to shareholders through dividends and share buybacks, positioning the company as a leader in total shareholder return among peers over the past five years.
Also, Infosys Chairman Nandan Nilekani, in his letter to shareholders, described the current world as "suffused with uncertainty," with multiple factors like inflation, interest rates, geopolitics, demand volatility, and supply chain dislocations influencing businesses.
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Business NewsCompaniesNewsIT CEO Salaries: Gopinath of TCS versus Parekh of Infosys versus Delaporte of Wipro; details here
First Published:8 Jun 2023, 05:31 PM IST
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