Infosys CEO Salil Parekh's FY23 Compensation Drops By 21% To Rs 56.44 Crore

The annual compensation of Salil Parekh, the Chief Executive Officer (CEO) of Infosys Ltd., witnessed a significant decline of 21% for the fiscal year 2022-23. According to Infosys' annual report released on Saturday, Parekh's total remuneration for FY23 stood at Rs 56.44 crore, a decrease from the Rs 71 crore he earned in the previous financial year.

This was mostly due to him exercising less restricted stock units throughout the fiscal year. In comparison, the median income at Infosys was Rs 9 lakh. That is, Parekh's profits were 627 times more than the average Infosys employee. Furthermore, Infosys has at least 125 employees who earned more than Rs 1 crore per year.

Mohit Joshi, who served as the president of the company and recently transitioned to the role of CEO at Tech Mahindra, recorded a total remuneration of Rs 57.32 crore for the fiscal year 2022-23.

Chairman Nandan Nilekani elected not to be compensated for the entire year. Parekh was also paid less than Thierry Delaporte, the CEO of crosstown rival Wipro Ltd. In FY23, Delaporte made $10 million (about Rs 82.5 crore). Due to decreasing profit, Wipro Chairman Rishad Premji's pay was cut in half to Rs 7.8 crore.

Parekh in his letter to shareholders stated that global headwinds were affecting business, but that "our strength in digital, cloud, and automation, as well as cost efficiencies, have held us in good stead."

"We see our One Infosys approach helping support our clients by bringing all our capabilities and the strength of our entire employee base to work for their benefit," Parekh said in the letter to shareholders.