Here's how much top IT CEOs got paid in FY24

Leaders of some Indian IT services companies saw their annual compensation rising this year, even as the industry battles macro uncertainty and a slowdown in tech spend. Let’s take a look at some of the numbers.

Infosys CEO Salil Parekh saw his remuneration climb more than a sixth last fiscal to reach Rs 66 crore, as per the company’s FY24 annual report. Unlike last fiscal, when his remuneration actually fell by 21% to Rs 56.4 crore from Rs 71.02 crore in FY22, Parekh’s compensation expanded in FY24.

LTIMindtree CEO and MD Debashis Chatterjee’s total annual compensation grew 10% to Rs 19.34 crore in FY24. Chatterjee’s fixed pay was Rs 9.33 crore, variable compensation at Rs 9.9 crore for the fiscal 2024. The median remuneration of employees of LTIMindtree during the financial year grew by 12% to Rs 14,00,009.

Another L&T group subsidiary and IT engineering arm, LTTS (L&T Technology Services) which also filed its annual report revealed that its CEO and MD Amit Chadha’s compensation rose from Rs 7.3 crore in FY23 to Rs 15.4 crore in FY24 witnessing a jump of over 100%.

Meanwhile, former Wipro CEO Thierry Delaporte earned $20 million (Rs 166 crore) that included a severance-related package of Rs 92.1 crore, making him the highest-paid IT CEO in the country.

An analysis of employment contracts of top IT leaders shows that in recent years, payments to exiting CEOs at companies such as Tata Consultancy Services (TCS), Cognizant and Wipro have ranged from Rs 48 crore to Rs 92 crore.

Also read | Wipro's majority public shareholders oppose ex-CEO Delaporte's $4.33 million severance

In FY23, compensation paid to C-suite executives at top tech firms had been muted, in line with their revenue growth projections. Parekh’s remuneration had fallen by a fifth on year to Rs 56.4 crore in fiscal 2023, while Tech Mahindra’s former chief executive CP Gurnani took a 50% cut in salary.