Wipro's Thierry Delaporte was India's highest-paid CEO in FY24
Thierry Delaporte, the former CEO of Wipro, has emerged as the highest-paid executive among Nifty 50 companies in India for FY24. According to data from Bloomberg and Ace Equities, his total remuneration package doubled from ₹83 crore in FY23 to ₹167 crore in FY24. Pawan Munjal of Hero MotoCorp and Rajeev Jain of Bajaj Finance also took home over ₹100 crore each, during this period.
Jain's pay more than doubled in FY24
Jain saw his remuneration package more than double from ₹49 crore in FY23 to ₹101 crore in FY24. Anandorup Ghose, partner - CHRO Program Leader at Deloitte India, confirmed that CEO remuneration has been steadily increasing over the past few years. He also noted that while the median pay for Indian CEOs is lower than their US counterparts, the ratio of CEO-to-median employee remuneration is quite similar.
CEO remuneration largely comprises stock options, performance incentives
The majority of the remuneration for top executives comes from stock options and performance-linked incentives. The fixed salary component makes up only a small portion of the total package. For instance, Delaporte's fixed salary was ₹24 crore while nearly ₹42 crore was in the form of commissions, incentives, and variable pay. A significant part of his compensation, nearly ₹93 crore, was categorized as retirals and 'other annual compensation.'
Divi's Laboratories dominates list of top-paid executives
Seven other executives had a total compensation package exceeding ₹50 crore each in FY24. Divi's Laboratories had the most representation with four executives among the highest-paid chiefs of Nifty 50 companies. Shriram Subramanian, Founder and Managing Director of InGovern, stated that while India's top executive compensation is lower than developed countries like the US, it is on par with Southeast Asian nations for comparable firms.
A look outside Nifty 50
Outside Nifty 50, Naveen Jindal, Chairman of Jindal Steel & Power Ltd, took home ₹85 crore in FY24, up from ₹72.3 crore last fiscal. Meanwhile, Kalanithi and Kaveri Maran of Sun TV Network, each bagged ₹87.5 crore.
