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.
