Here's how much top IT CEOs got paid in FY24
Leaders of certain Indian IT services firms witnessed an increase in their annual compensation this year, despite the industry grappling with macroeconomic uncertainty and a slowdown in technology spending. Let's explore some specific figures.
According to Infosys' FY24 annual report, CEO Salil Parekh's remuneration rose by more than 16% to Rs 66 crore, rebounding from Rs 56.4 crore in the previous fiscal year, which had seen a 21% decline from Rs 71.02 crore in FY22.
At LTIMindtree, CEO and MD Debashis Chatterjee's total annual compensation increased by 10% to Rs 19.34 crore for FY24. This comprised a fixed pay of Rs 9.33 crore and variable compensation of Rs 9.9 crore. Additionally, the median remuneration of LTIMindtree employees grew by 12% to Rs 14,00,009 during the financial year.
Meanwhile, Amit Chadha, CEO and MD of LTTS (L&T Technology Services), saw a significant rise in his compensation, jumping from Rs 7.3 crore in FY23 to Rs 15.4 crore in FY24, marking an increase of over 100%.
Former Wipro CEO Thierry Delaporte earned $20 million (approximately Rs 166 crore) in FY24, which included a severance-related package of Rs 92.1 crore, positioning him as the highest-paid IT CEO in the country.
Analyses of employment contracts of top IT leaders reveal that severance payments for exiting CEOs at firms like Tata Consultancy Services (TCS), Cognizant, and Wipro have ranged from Rs 48 crore to Rs 92 crore in recent years.
In FY23, compensation for C-suite executives at major tech firms remained subdued, aligning with their revenue growth projections. During that period, Salil Parekh's remuneration had declined by 20% to Rs 56.4 crore, while Tech Mahindra's former CEO CP Gurnani took a 50% reduction in salary.