Infosys CEO Salil Parekh is second-highest paid in IT sector
Salil Parekh, the CEO of Infosys, has been recognized as the second-highest paid CEO in India's IT sector for FY24, with earnings of ₹66.25 crore. This information was gathered from annual reports and ranks Parekh's income just behind Wipro's ex-CEO Thierry Delaporte, who earned approximately ₹166 crore. Parekh's FY24 compensation saw a rise from the previous year, when it had dropped to ₹56 crore from ₹71 crore in FY22.
Breakdown of top boss's compensation
Parekh's remuneration package includes fixed and variable pay, retiral benefits, and the perquisite value of stock incentives, exercised during the period. Out of his total earnings of ₹66.25 crore, he made ₹39.03 crore by exercising his restricted stock units (RSUs). His base salary in FY24 was ₹7 crore, with retiral benefits amounting to ₹47 lakh and a bonus of ₹7.47 crore. Variable pay increased to ₹19.75 crore in FY24 from ₹12.62 crore in FY23.
Parekh's earnings compared to median employee remuneration
Parekh's earnings were found to be 677 times the median remuneration of Infosys employees, which was ₹9.77 lakh. This revelation comes at a time when Infosys has modified its hiring strategy, and the IT sector is dealing with increased uncertainty. Despite these challenges, Parekh stated in his letter to stockholders, that a "relentless focus on execution" allowed the company to maintain growth and operating margin resilience.
Infosys's performance under Parekh's leadership
Under Parekh's leadership, Infosys worked closely with clients on their cost, efficiency, automation, and consolidation programs, to create $17.7 billion of large deals. This is the highest annual figure the company has achieved, demonstrating the relevance of its service offerings for clients. Additionally, Infosys recruited around 11,900 college graduates during the year, and trained over 250,000 employees in artificial intelligence (AI) skills.
