Salil Parekh, re-appointed as CEO and managing director of Infosys till 2027, was paid a massive ₹71 crore as salary in fiscal 2022 – a nearly 44 per cent jump from 2020/21, when he was paid ₹49.7 crore – according to reports released by the company.
Last week Infosys, in a regulatory stock filing, said Parekh had a track record of driving digital transformation, executing business turnarounds, and managing acquisitions, and that his term was extended to March 31, 2027, pending shareholders’ approval. Parekh, 57, has been CEO & MD since January 2018.
The filing further said that to ensure continuity and commitment of the organisation’s leadership, the NRC has approved a grant of 104,000 shares to six KMPs (key managerial personnel) and another 375,760 shares to 88 other senior executives of the organisation.
“These will be granted under the Infosys Expanded Stock Ownership Plan 2019 and will vest over three years on achievement of certain milestones, and in line with the plan approved by shareholders,” the company said.
The date of the grant for these Performance Stock Units will be June 1, 2022.
The next highest paid senior figure at Infosys for fiscal 2022 was chief operating officer UB Pravin Rao, who was paid ₹37.25 crore. Ravi Kumar S, president, was paid ₹35.82 crore.
Nandan Nilekani, non-executive and non-independent chairman, chose not to receive any remuneration for his sevices to the company.
In April Infosys reported a 12 per cent increase in consolidated net profit to ₹5,686 crore for the March quarter, or year ending March 31, 2022. The profit in the corresponding quarter of the pervious fiscal was ₹5,076 crore.