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Infosys Chief Executive’s salary drops by a fifth in FY23

The annual compensation of Infosys Ltd.’s Chief Executive Salil Parekh dropped by a fifth in the fiscal ended March 31, 2023. That was still 627 times the average Infosys salary.

Parekh earned a total renumeration of Rs 56.44 crore in FY23, as against Rs 71 crore in the previous financial year, according to Infosys’ annual report released on Saturday. That was primarily due to the fact that he exercised fewer restricted stock units during the fiscal.

  • Restricted stock units, a form of stock-based employee compensation, are restricted during a vesting period that may last several years, during which time they cannot be sold. Once they are vested, RSUs can be sold or kept like any other shares of company stock.
    In comparison, the median Infosys salary was Rs 9 lakh. Meaning, Parekh’s earnings were 627 times that of an average Infosys employee.

Still, the CEO was not the highest paid employee at the company, Outgoing President Mohit Joshi, who is set to take over as Tech Mahindra Ltd.’s CEO in December, took home a total of Rs 57.32 crore. Chairman Nandan Nilekani chose not to receive any compensation for the full year.

Parekh’s salary is also lower than that of Thierry Delaporte, the Paris-based CEO of crosstown rival Wipro Ltd. Delaporte earned $10 million (about Rs 82.5 crore) in FY23. Bloomberg

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