salil parekh: Infosys CEO Salil Parekh’s remuneration rises 43% to Rs 71 crore in FY22

Bengaluru: chief executive Salil Parekh’s total compensation jumped 43% to Rs 71 crore in fiscal year 2021-22, according to India’s second-largest software exporter’s annual report that was released on Thursday.

Parekh’s income increased as a result of stock incentives awarded in previous years, as well as a rise in his performance-based variable pay. He took home Rs 49.7 crore in the previous year. Parekh’s compensation included Rs 52.3 crore in stock options as he exercised 2,29,792 stock units under the 2015 stock option plan and 1,48,434 units under the 2019 plan during the last fiscal. The pay also included Rs. 12.62 crore in variable pay and Rs 38 lakh in retiral benefits.

This comes days after the IIT Bombay and Cornell University alumnus was handed an additional five-year term at the helm of the Bengaluru-based company, extending his run as Infosys’ longest non-founder chief executive.

This compares with his counterpart Rajesh Gopinathan whose compensation
jumped around 26.6% year on year to Rs 25.77 crore in FY22, according to the Tata Group’s annual report published last week.

Chief operating officer UB Pravin Rao took home Rs 37.3 crore, compared to Rs 17.3 crore in FY21. He had retired from the company in December 2021. His perquisites on account of stock options jumped to Rs 26.2 crore during the year.

Executive chairman and non-independent director Nandan Nilekani did not draw any remuneration for the year.

The digital acceleration is creating tremendous new opportunities for differentiation and gaining market leadership for Infosys amid a “future full of (macro) uncertainties” such as rising interest rates, the Ukraine war and the lingering impact of Covid-19 across different parts of the world, Nilekani said in his message to the shareholders.

“We know that we have never had as much potential as we do right now, to leverage our expertise to benefit our clients and the broader society. This opportunity that lies before us – to make an indelible mark with our digital prowess, our empathy for clients, our investment in employees and a renewed sense of purpose – is greater than it has ever been,” he added.

Parekh, in his letter to the shareholders, said he remains more optimistic than ever about the demand environment as large enterprises and governments everywhere are adopting digital and driving transformation to make them more connected with their customers, employees, and partners. “We are especially well-positioned to be the provider of choice with the set of capabilities that are most relevant to our clients,” he added.

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