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Infosys CEO Salil Parekh’s annual pay reaches Rs 71.02 cr; details here

Infosys CEO Salil Parekh’s annual pay reaches Rs 71.02 cr; details here

Parekh has not only received a pay hike but also an extension as the CEO and MD of Infosys for 5 years till March 31, 2027.

Parekh has not only received a pay hike but also an extension as the CEO and MD of Infosys for 5 years till March 31, 2027 Parekh has not only received a pay hike but also an extension as the CEO and MD of Infosys for 5 years till March 31, 2027

Chief Executive Officer (CEO) of the Bengaluru-based IT bellwether Infosys, Salil Parekh received an annual pay worth Rs 71.02 crore in fiscal 2022, a jump of 43 per cent from Rs 49 crore in fiscal 2021, as per the company’s annual report.    

Parekh’s paycheck comprises a base salary of Rs 5.69 crore, retirement benefits worth Rs 38 lakh, total fixed salary of Rs 6.07 crore, variable pay worth Rs 12.62 crore and stock options worth Rs 52.33 crore. As the CEO of the IT behemoth, Parekh is entitled to 1, 88,452 restricted stock units (RSUs) in 2022.   

Parekh has not only received a pay hike but also an extension as the CEO and MD of Infosys for 5 years till March 31, 2027. The news was confirmed by non-executive chairman and independent director Nandan Nilekani in the Chairman’s message along with the company’s annual report.   

Nilekani wrote, “I am delighted that Board has unanimously recommended to the shareholders to approve the reappointment of Salil Parekh as Chief Executive Officer and Managing Director, till March 31, 2027.”  

Graphic: Mohsin Shaikh

Parekh said in a letter to shareholders attached with the company’s annual report, “Financial year 2022 was an outstanding year for the company, our clients, our employees and our shareholders. We have had the fastest growth, close to 20 per cent in 11 years. We are gaining market share. Our digital work is now almost 60 per cent of all that we do, growing at about 40 per cent.”  

He further mentioned in his letter to shareholders that more than 1,40,000 new employees joined the company last year, of these 80,000 came from colleges. Parekh underscored that more than 39 per cent of employees at Infosys are women as the company focuses on “building a diverse workforce with a strong leadership pipeline.”  

Nilekani said in the Chairman’s message, “Salil has delivered industry leading performance for the Company, and it is in the interest of the Company and its stakeholders to secure the continuity and stability of the current leadership.”  

Parekh is not the only one to get a pay hike though. Whole-time Director and former Chief Operating Officer of Infosys UB Pravin Rao also got a hike in his paycheck. The Infosys Director received an annual pay of Rs 37.25 crore in fiscal 2022.    

His paycheck includes a base salary of Rs 2.95 crore, retirement benefits worth Rs 13 lakh, total fixed salary worth Rs 3.08 crore, variable pay worth Rs 7.99 crore and stock options worth Rs 26.19 crore. Rao retired as the COO on December 12, 2021. Nilekani, however, did not draw a paycheck for the fiscal.   

Infosys Q4 results

The IT-major’s 12-month attrition rate reached 27.7 per cent during January-March 2022 fiscal. The company’s standalone employee benefits went up to Rs 51,664 crore as of March 31, 2022.  

Infosys reported as 12 per cent on-year increase in net profit at Rs 5,686 crore compared to Rs 5,076 crore in the corresponding period year ago. Its revenues rose to Rs 32,276 crore, a spike of 22.7 per cent from Rs 26,311 crore in the year-ago quarter.  

Also read: Infosys reappoints Salil Parekh as CEO, MD

Also read: Infosys Q4 results: IT major sees record-high attrition at 27.7%