Top IT CEOs salary rise in FY24 despite slowdown blues

Anindita Nayak

Bhubanewar, June 5

Despite facing macro uncertainty and a slowdown in tech spending, leaders of certain Indian IT services companies experienced an increase in their annual compensation this year.

Let’s delve into the figures.

During the last fiscal year, Infosys CEO Salil Parekh witnessed a remuneration increase of over 16%, reaching Rs 66 crore as stated in the company’s FY24 annual report. In contrast to the previous fiscal year, where his compensation decreased by 21% to Rs 56.4 crore from Rs 71.02 crore in FY22, Parekh’s earnings grew in FY24.

In the fiscal year 2024, LTIMindtree CEO and MD, Debashis Chatterjee saw a 10% increase in his total annual compensation, reaching Rs 19.34 crore. Chatterjee’s fixed pay amounted to Rs 9.33 crore, with a variable compensation of Rs 9.9 crore for the same fiscal year. Additionally, the median remuneration of LTIMindtree employees rose by 12% during the financial year.

According to the latest annual report filed by LTTS (L&T Technology Services), its CEO and MD, Amit Chadha’s compensation surged from Rs 7.3 crore in FY23 to Rs 15.4 crore in FY24, marking a remarkable increase of over 100%.

Former Wipro CEO Thierry Delaporte received a total of $20 million (Rs 166 crore), with a significant portion of this amount, Rs 92.1 crore, being part of a severance-related package. This made him the highest-paid IT CEO in the country.

Recent analysis of employment contracts for top IT leaders revealed that departing CEOs from companies like Tata Consultancy Services (TCS), Cognizant, and Wipro have received exit payments ranging from Rs 48 crore to Rs 92 crore.

During the fiscal year 2023, compensation for C-suite executives at leading tech companies was restrained, aligning with their revenue growth forecasts. Parekh’s pay decreased by 20% to Rs 56.4 crore in fiscal 2023, while Tech Mahindra’s former CEO CP Gurnani experienced a 50% salary reduction.