Infosys CEO Salil Parekh was paid 21% less in FY23, here's why

Infosys CEO Salil Parekh was paid 21% less in FY23, here's why

While he made Rs 52.33 crore from RSUs in FY22, the number came down to Rs 30.6 crore in FY23.

FPJ Web DeskUpdated: Saturday, June 03, 2023, 03:56 PM IST
article-image

As one of India's IT giants, Infosys has been resilient against headwinds jostling the global tech sector, and hasn't resorted to layoffs yet. But even as the firm posted a 15 per cent growth for FY23, it was still hit by delays in bringing freshers on board and reductions in variable pay.

While its chairman Nandan Nilekani didn't take home any remuneration, the CEO Salil Parekh's salary also went down by 21 per cent in FY23.

Reason behind the fall

Parekh's annual pay fell from Rs 71 crore in FY22 to Rs 56.44 crore a year later, and this was largely because of a drop in the number of restricted stock units exercised by him.

While he made Rs 52.33 crore from RSUs in FY22, the number came down to Rs 30.6 crore in FY23, as benefits for them are based on performance metrics such as total shareholder return.

President made more

At the same time, the company's outgoing President Mohit Joshi, who'll be joining Tech Mahindra has CEO, made more than Parekh at Rs 57.32 crore in the fiscal year.

As Chairman Nilekani chose to not draw remuneration, following in the footsteps of honchos such as Mukesh Ambani, he wrote how the world is facing uncertainties that could derail carefully crafted business models.

(We are on WhatsApp. To get latest news updates, Join our Channel. Click here)

RECENT STORIES

Rupee Falls 15 Paise To Close At 83.21 Against US Dollar

Rupee Falls 15 Paise To Close At 83.21 Against US Dollar

Mahindra Finance Disbursement Rises By 11 percent YoY In September 2023

Mahindra Finance Disbursement Rises By 11 percent YoY In September 2023

Lupin Launches Humrahi, Patient Support Program For Diabetes Management

Lupin Launches Humrahi, Patient Support Program For Diabetes Management

Closing Bell: Markets End Day In Negative; Sensex At 65,512.10, Nifty Below 19,600

Closing Bell: Markets End Day In Negative; Sensex At 65,512.10, Nifty Below 19,600

Capri Global Capital Appoints Partha Chakraborti As Director - Finance and Accounts Of The Company

Capri Global Capital Appoints Partha Chakraborti As Director - Finance and Accounts Of The Company