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Here's how much Infosys CEO Salil Parekh is earning after 88% hike

The raise announcement comes just days after the business reappointed Parekh as managing director and CEO for another five years, beginning July 1, demonstrating confidence in a leader who turned the company around and restored stability.

Here is how much Infosys CEO Salil Parekh is earning after 88 per cent hike gcw
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New Delhi, First Published May 26, 2022, 4:34 PM IST

Salil Parekh's remuneration at Infosys has grown by 88 per cent to Rs 79.75 crore per year, making him one of India's highest paid CEOs, as the software services giant justified the large raise by noting industry-leading growth in recent years. According to the company's annual report, which was issued on Thursday, the new employment agreement, which is subject to shareholder approval, will go into effect on July 2.

Parekh earned Rs 71 crore in pay for FY22, with Rs 52 crore coming from the exercise of previously issued RSUs or restricted stock units. Nandan Nilekani, co-founder and chairman of Infosys, elected not to be compensated for his contributions to the firm.

Such a large pay increase is rare for a company that generally takes pride in its founders' modest beginnings and middle-class backgrounds. The raise announcement comes just days after the business reappointed Parekh as managing director and CEO for another five years, beginning July 1, demonstrating confidence in a leader who turned the company around and restored stability.

Also Read | Who is Salil Parekh, the new Infosys CEO and Managing Director?

The new salary increase will worsen the compensation disparity between the CEO and the typical Infosys employee. Currently, the typical CEO salary to workers ratio is 229 (excluding stock-based compensation) and 872 (including stock-based compensation).

Parekh will be paid the most of his Indian counterparts. In comparison, TCS CEO Rajesh Gopinathan earns Rs 25.76 crore per year, while Wipro's Paris-based CEO earns Rs 64.34 crore. The CEO of HCL Tech is paid Rs 32.21 crore, whereas the CEO of Tech Mahindra is paid Rs 22 crore.

Also read: Government pulls up Infosys again over GSTN portal glitch

Parekh, 58, has been CEO and managing director of Infosys since January 2018, when he took over at a difficult period for the company. When Salil Parekh took over as CEO of Infosys on January 2, 2018, co-founder and chairman Nandan Nilekani said he was the ideal person for the job.

Also read: Infosys announces Russia exit, silent on Rishi-Akshata controversy

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