Moneycontrol Be a Pro
Get App
Last Updated : May 20, 2019 04:40 PM IST | Source: Moneycontrol.com

Rs 24.67 crore - Infosys CEO Salil Parekh's salary for FY19

Parekh's salary for the previous fiscal was not available as he took over as the role of CEO and MD of India's second largest IT major in January 2018.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Infosys CEO Salil Parekh took home a salary of Rs 24.67 crore for last financial year, according to the company's annual report.

Parekh's salary for the previous fiscal was not available as he took over as the role of CEO and MD of India's second largest IT major in January 2018.

Under Parekh, the company grew 9 percent for the fiscal 2019 in constant currency. The company has given a revenue guidance of 7.5-9.5 for the FY2020. Last fiscal marked Parekh's first full year as the CEO of the company after Vishal Sikka quit in 2017.

Close

Parekh's package include gross salary of Rs 16.65 crore, Rs 7.64 crore in stock option and other benefits including retirals (retirement benefit) at Rs 0.38 crore. Parekh's remuneration was 396 times higher than average salary of Infosys employees, the annual report stated.

In its annual report released last week, TCS CEO Rajesh Gopinathan took home a salary Rs 16.02 crore, a 28 percent increase compared to last year. Gopinathan's package comprises basic salary of Rs 1.15 crore, value of prerequisites was at Rs 1.26 crore, commission as profit at Rs 13 crore and Rs 0.60 crore in other allowances.

Wipro and HCL Technologies are yet to publish their annual reports. Going by 2018 report, Wipro’s Abidali Z Neemuchwala, CEO’s annual remuneration for FY18 stood at Rs 18.23 crore. While C Vijayakumar, CEO, HCL Technologies did not receive compensation for FY18 from HCL Technologies, he received Rs 33.13 crore remuneration from a subsidiary company, the company reported in its FY18 annual report.

While the salary of UB Pravin Rao, COO, Infosys stood at Rs 9.05 crore, 10 percent increase compared to last year, TCS’s COO N Ganapathy Subramanium’s drew a salary of Rs 11.61 crore for the last fiscal, up 24.88 percent compared to the previous fiscal.

In addition, Infosys has proposed granting equity shares worth Rs 10 crore to Parekh and Rs 4 crore worth of shares to Pravin Rao as part of a new stock incentive plan. Close to 50 million shares would be allocated to employees based on performance, which is subjected to shareholders approval.

The initiative is an attempt to retain employees. “The Infosys Expanded Stock Ownership Program 2019, under which grants will vest based on performance, aims to align employee interest with shareholder value creation, incentivise, attract and retain key talent, and reward employee performance with ownership,” the company said in the statement.

In March 2016, the company authorised employee stock option plan (ESOP) for junior to middle level management staff after a gap of 13 years to retain employees.

The company witnessed one of the highest attrition rate close to 20 percent in the last few quarters, highest among its peers. During the earnings call, Pravin Rao said that the company is looking at different measures to retain employees.

TCS attrition rate stood close to 11 percent, one of the best among the peers. In the annual report, percentage increase in the median remuneration of employees in the financial year 2019 was 3.70 percent.

Outlook

Parekh, said in the report, "I'm thrilled with the anticipation of what lies ahead."

"We have greater sense of stability and an aligned and driven management team eager to serve our clients in a world where technology is becoming more and more critical. I cannot imagine a better place for us to be," he added.

Nandan Nilekani, Infosys Chairman, said: "Over the past year, we have been working relentlessly to rebuild a more 200,000 plus people organisation to operate with the speed and agility of a startup. We are reforming root and branch, replacing legacy systems and mindsets, dissolving thick encrusted silos, energising the believers and converting the sceptics.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on May 20, 2019 04:35 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant