The CEO Of Infosys’ Salary Has Decreased By 21%, Bringing His Monthly Salary To Only Rs 4.7 Crore
Salil Parekh, the chief executive officer of Infosys Ltd., saw a reduction in salary of 5% for the fiscal year that ends March 31, 2023. Still, this was 627 times the typical Infosys wage.
In contrast, the median pay at Infosys was Rs. 9 lakh.
Total compensation of Rs 56.44 crore in FY23, down from Rs 71 crore the year before. That was mainly because he didn’t exercise as many restricted stock units throughout the fiscal year.
CEO salaries aren’t The Highest.
Furthermore, the business employed at least 125 people who each received an annual salary of more than Rs 1 crore.
The CEO is not paid the most, despite what one might assume.
Mohit Joshi, the outgoing president who will take over as CEO of Tech Mahindra Ltd. in December, received a total compensation of Rs 57.32 crore.
IT Rivals And Their Performance
Nandan Nilekani, co-founder and executive chairman of Infosys, came in last and decided not to take any salary for the entire year.
Thierry DE LaPorte, the CEO of Wipro Ltd.’s crosstown rival, succeeded him. In FY23, DE LaPorte made $10 million, or roughly Rs 82.5 crore.
Wipro Chairman Rishad Premji, whose pay was cut in half to Rs 7.8 crore, came in second place.
Parekh cautioned of commercial headwinds on a worldwide scale in his letter to shareholders, but said “our strength in digital, cloud, and automation, along with cost efficiencies, have held us in good stead”
In FY23, revenue reached Rs 1.46 lakh crore, up 20.7% from the previous year.
At that time, net profit increased by 8.9% annually to Rs 24,108 crore.
40 of the company’s current clients generate more than $100 million in annual revenue, while 75 generate more than $50 million.
Speaking of hiring, Parekh stated, “We completed the year with more than 3,40,000 personnel, having hired over 50,000 college graduates. 39% of our staff were women by year’s end.
In the annual report, Nilekani stated that “Our CEO, Salil Parekh, and his global leadership team, realized early on the value that the advanced digital technologies, like AI and cloud, and more recently, generative AI, can bring to imagine and execute for multiple options in the future.”
“Today, Infosys is steadily moving towards a future where we don’t just solve immediate business problems, but continuously innovate and architect for challenges that may emerge in the future,” he stated.