Tech Mahindra chief executive officer and managing director Mohit Joshi earned Rs 52.1 crore in the financial year 2024-25, the country’s fifth largest IT services company said in its annual report.
As CEO, Joshi’s earnings, which included the perquisite value of the Employee Stock Ownership Plan (ESOP), were 840.22 times the median employee salary. The median salary represents the average of all employee salaries.
There was a 6.52 percent reduction in the median remuneration of employees in FY25, the report said.
It didn’t mention the year-on-year increase in Joshi’s salary. “Mohit Joshi was associated for part of the financial year 2023-24 i.e. from 19th June, 2023 to 31st March 2024. Hence, the percentage increase in remuneration is not comparable/reported. Since associated for part of the financial year 2024-25 percentage increase in remuneration is not comparable and hence not reported,” it said.
Joshi’s earnings were significantly higher than those of the CEO of Tata Consultancy Services (TCS), the country’s largest IT services player. K Krithivasan’s salary increased by 4.6 percent to Rs 26.5 crore in FY25. Infosys chief Salil Parekh earned Rs. 80.6 crore, with his compensation zooming 22 percent.
Wipro CEO and managing director Srinivas Pallia's pay cheque was up 10 percent at about Rs 53.6 crore.
Meanwhile, last fiscal, HCLTech’s C Vijayakumar was the highest-paid Indian IT CEO, taking home Rs 84.16 crore.
Joshi’s pay structure
Joshi was named the CEO designate in March 2023 and took over the role after CP Gurnani retired in December of that year.
Joshi’s initial base salary was decided as Rs 6.5 crore, with an equal annual variable compensation. His variable pay in the first year was guaranteed, the annual report for the previous fiscal said.
He also gets an annual “overperformance bonus” of up to 70 percent of his variable compensation. He is also entitled to a joining bonus of $848,951 (Rs 6.96 crore).
As part of his stock-based compensation, he gets a one-time stock option grant of $2.5 million, 60 percent of which will vest once he finishes a year with the company, and the remaining at the end of two years.
Joshi also has an annual stock option grant equivalent to $3.5 million, vesting in equal instalments over three years of employment, the first instalment vesting after the first year.
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