CHENNAI: Infosys Limited, India's second-largest IT services company, had lately re-appointed Salil Parekh as the CEO and managing director of Infosys till 2027. According to reports, the company had paid a massive ₹71 crore as salary for Parekh in fiscal 2022 - a nearly 90 per cent jump from the fiscal 2020-21, when he was paid ₹49.7 crore.
According to the annual report, Parekh’s compensation during 2021-22 included Rs 5.69 crore base salary, Rs 0.38 crore retiral benefits, Rs 12.62 crore bonus and incentives, and Rs 52.33 crore in perquisites on account of stock options exercised.
Last week the company, in a regulatory stock filing, said Parekh had a strong track record of driving digital transformation for enterprises, executing business turnarounds, and managing successful acquisitions, and that his term would be extended to March 31, 2027, pending shareholders' approval.
His jump in compensation results from Infosys board of directors' approval of a grant of 104,000 shares to six key management personnel and another 375,760 shares to 88 other senior executives.
CEO and managing director of Tata Consultancy Services, Rajesh Gopinathan, drew a pay package of Rs 25.76 crore in 2021-21.
Infosys non-executive chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services rendered to the company during 2021-22, the report said.
The compensation of COO UB Pravin Rao also jumped sharply in fiscal 2021-22 and his salary was increased 116 per cent to Rs 37.3 crore in FY22 against Rs 17.3 crore in FY21.
On Parekh's remarkable journey at Infosys and the growth of the company, Nandan M. Nilekani, chairman, Infosys said, "Our CEO, Salil Parekh, a big champion of the One Infosys approach, brought together all the capabilities and intellectual capital of Infosys to create value and make a disproportionate impact for our clients. This required company-wide orchestration of our strengths, deep collaboration amongst our leaders, and synergising of all our business units and service lines. Salil has delivered industry-leading performance for the company, and it is in the interest of the company and its stakeholders to secure the continuity and stability of the current leadership."