Even as major global economies continue to shrink following Covid-19 pandemic and Ukraine war, the pay packets at major technology majors continue to swell.
According to latest reports, Tech Mahindra managing director and chief executive CP Gurnani‘s remuneration for FY22 jumped 189 percent to Rs 63.4 crore, the fifth-largest IT exporter said.
The company in its annual report for the fiscal said that Gurnani’s remuneration, including salary, stock compensation benefits and post-employment benefits was Rs 21.9 crore in the year-ago period.
Among Gurnani’s peers, TCS chief Rajesh Gopinathan saw a 26 percent rise in his compensation to Rs 25.75 crore in FY22, while Infosys’ Salil Parekh witnessed a 43 percent jump to Rs 71.02 crore.
Gurnani’s salary was 1,188.74 times the median salary of Rs 5.27 lakh in Tech Mahindra. The median salary declined by 1.04 percent during the fiscal. Shareholders of the company will be voting on a proposal to re-appoint Gurnani for over one year at the company’s forthcoming AGM, the annual report said.
The current term of Gurnani, who has been at the helm since 2012, expires in August and will be retiring on December 19, 2023, upon attaining the retirement age of 65.
At the AGM — to be held on July 22 virtually — shareholders will also be voting on a proposed remuneration structure for Gurnani, which includes fixed compensation of Rs 7 crore yearly, and the chance to earn a commission of up to Rs 3 crore annually.
In his message to the shareholders, Gurnani said the company has recorded its highest growth in the last 7 years and also sustained margins at 18 percent, and almost reached the annual revenue rate of USD 6 billion.
“We are putting our weight behind digital technologies of the future and building our advisory, consultancy, and design offerings on trending digital technologies. We are also doubling our effort on next-gen innovations,” he said.
