The month of May is going on and almost all the companies are giving appraisal. But the country’s well-known IT company Infosys has increased the salary of its CEO tremendously. You have been given an 88% increase in the salary of Salil Parekh, CEO of Infosys. Earlier his salary was around Rs 42 crores but now it has reached around Rs 80 crores.
The company has taken this decision only a few days after the appointment of Salil Parekh as the Managing Director. Recently, Salil Parekh was made the Managing Director of Infosys and this appointment will be applicable till 2027. That is, he has been made the Managing Director for 5 years. Salil Parekh has been given such a huge increment in view of his work. Let us tell you that in the last 1 year, Infosys has made tremendous growth.
The company said in the annual report that about 97 percent increase in Parekh’s proposed annual remuneration is linked to his performance. Under the revised remuneration, their fixed compensation would be less than 15 per cent of this total compensation on target, which is around 23 per cent under their existing terms.
In a statement, the company said, “The company’s Total Shareholder Return (TSR) under Salil’s leadership stood at 314 per cent, which was the highest among its peers. Under Salil’s leadership, the company’s revenue growth grew from Rs 70,522 crore (FY2018) to Rs 1,21,641 crore (FY 2022) and grew at a CAGR of 9 per cent to 15 per cent. Also the net profit has increased from Rs 16,029 crore to Rs 22,110 crore.
Salil Parekh took over as the Managing Director and CEO of Infosys in January 2018 and has been in the IT industry for over 30 years. Prior to this, he was in the Capgemini company and worked there for about 25 years. Salil Parekh’s salary is more than the salary of many CEOs in the world. The salary of CEO of Infosys is more than that of Twitter CEO Parag Agarwal.