The remuneration of CEOs of major Indian IT companies like HCLTech, Infosys, and Wipro has experienced a substantial decline in FY23 as compared to payouts of FY22 due to global macroeocnomic headwinds and firms reduction in tech spending. C Vijayakumar, CP Gurnani, Salil Parekh, Thierry Delaporte are among the IT CEOs who saw a big cut in their paycheque last financial year. Here s a VS showing these CEOs decline in salaries.
The slump in remuneration of CEOs across major Indian IT companies is due to multiple reasons. For example, in the case of Wipro Chairman Rishad Premji’s remuneration, the cuts were due to Wipro underperforming in FY23.
Former TCS CEO Rajesh Gopinathan s salary increased by nearly 13.2% YoY to around ₹30 crore in FY23, while his salary spiked almost 118% in three years.
An analysis of the average salary packages of IT company CEOs and freshers, sourced from earnings report data and publicly available information, shows that freshers' salaries have gone up only 46.94 per cent in the past 10 years while the salary of CEOs has shot up a whopping 1,492.27 per cent.
After his reappointment on July 1, Salil Parekh, the CEO of Infosys, will be paid Rs 79.75 crore, an increase of 88 per cent over his previous 5-year term remuneration.