Infosys CEO Salil Parekh's Pay Up 17% to Rs 66.24 cr in FY24

New Delhi, Jun 3 (PTI) Infosys CEO Salil Parekh's annual remuneration rose by 17 per cent to Rs 66.24 crore in FY24, placing the top boss of the Bengaluru-headquartered IT firm amongst the highest-paid tech CEOs in the industry.

Parekh had received annual remuneration of Rs 56.4 crore in FY23.

According to the latest annual report of Infosys, Parekh's salary of Rs 66.24 crore included Rs 39.03 crore on account of the exercise of 2,58,636 Restricted Stock Units (RSUs) under the 2015 Plan and 32,447 RSUs under the 2019 Plan during fiscal 2024.

Apart from the perquisites, Parekh's remuneration included fixed pay (base salary, retiral benefits), bonus incentives and variable pay - all adding up to Rs 66.25 crore.

The base salary was Rs 7 crore, the retiral benefits were 0.47 crore, while the variable component came in at Rs 19.75 crore.

Infosys chairman Nandan M. Nilekani voluntarily chose not to receive any remuneration for his services rendered to the company, the annual report mentioned.

It is pertinent to mention that K Krithivasan, the newly appointed chief executive officer and managing director of India's largest IT services company TCS, took home a pay of over Rs 25 crore in FY24. Krithivasan took charge as the head of the country's largest IT services exporter in June 2023, after the surprising exit of Rajesh Gopinathan. His appointment is for a period of five years.

The pay packages and perks of tech CEOs have always been closely watched. Wipro's former chief executive Thierry Delaporte - who resigned earlier this year - had made headlines as the highest-paid CEO in India's tech industry.

Delaporte resigned in April this year, and Wipro named Srinivas Pallia as the new Chief Executive Officer.

In fact, most recently Wipro's public shareholders had opposed ex-CEO Delaporte's USD 4.33 million severance pay. During a voting exercise on the resolution pertaining to payment of USD 4.33 million in cash compensation and applicable social security contributions for Delaporte, 89.7 per cent voted in favour with 10.31 voting in dissent.

Wipro's Founder-Chairman Azim Premji and the promoter group entities hold majority shares in the firm (almost 73 per cent), which aided the passage of the resolution.