India’s second-largest IT services firm, Infosys chief executive Salil Parekh’s total compensation has increased 43% to Rs 71 crore in the fiscal year 2021-22.
The revised compensation comes into force as Salil Parekh is reappointed as CEO and MD of the company from 1 July 2022 and ending on 31 March 2027.
Salil said in his letter to the shareholders, “He remains more optimistic than ever about the demand environment as large enterprises and governments everywhere are adopting digital and driving transformation to make them more connected with their customers, employees, and partners. “
He said, “We are especially well-positioned to be the provider of choice with the set of capabilities that are most relevant to our clients.”
- Salil Parekh’s income increased with the stock incentives awarded in previous years along with the rise in his performance-based variable pay. In the previous year, he took home Rs 49.7 crore.
- Salil’s compensation included Rs 52.3 crore in stock options as he exercised 2,29,792 stock units under the 2015 stock option plan and 1,48,434 units under the 2019 plan during the last fiscal.
- The pay also included Rs. 12.62 crore in variable pay and Rs 38 lakh in retiral benefits.
- This comes days after the IIT Bombay and Cornell University alumnus was handed an additional five-year term at the helm of the Bengaluru-based company, extending his run as Infosys’ longest non-founder chief executive.
- According to the Tata Group’s annual report published last week, This compares with his counterpart Rajesh Gopinathan whose compensation jumped around 26.6% year on year to Rs 25.77 crore in FY22.
Executive chairman and non-independent director Nandan Nilekani did not draw any remuneration for the year.
Chief operating officer UB Pravin Rao took home Rs 37.3 crore, compared to Rs 17.3 crore in FY21. He had retired from the company in December 2021. His perquisites on account of stock options jumped to Rs 26.2 crore during the year.