HCL Infosystems revises CEO Harsh Chitale's pay to Rs 10 lakh per month

NEW DELHI: Noida based HCL Infosystems has revised the compensation paid to its wholetime director and CEO Harsh Chitale to about Rs 10 lakh a month, making him one of the highest paid CEOs in the domestic hardware and system integration business in the country.

The salary includes a house rent allowance of about Rs 4.8 lakh a month. Over and above, benefits worth about Rs 60 lakh per annum, have been approved by the board for the CEO, the company informed the stock exchanges in a statement on Monday.

The company's compensation committee has also allocated a performnace linked bonus of Rs 1.4 crore per annum for the 40-year old CEO.

Despite the revision, Chitale, still earns less compared to HCL Technologies CEO Vineet Nayar, whose annual compensation tops over Rs 4.5 crore per annum, one of the highest amongst Indian IT companies.

The company also informed the stock exchanges on Monday that it has revised the compensation of its COO and director JV Ramamurthy to about Rs 4.6 lakhs a month. It includes an HRA component of about Rs 2 lakhs.

Besides, a variable bonus worth Rs 82 lakhs has been approved for the COO.

HCL Infosystems is still searching for a Chairperson for its board, after its Chairman Ajay Chowdhry stepped down this year.