Monday, April 22, 2024
-Advertisement-
Reimagining Public Sector Analytics
Reimagining Public Sector Analytics
HomeNewsIndustryTech sector’s first casualty comes to surface as Tech Mahindra slashes CEO’s pay by 33%

Tech sector’s first casualty comes to surface as Tech Mahindra slashes CEO’s pay by 33%

Follow Tech Observer on Google News

According to the company’s latest annual report,  Tech Mahindra CEO, CP Gurnani received Rs 22 crore in salary in the last fiscal, down from Rs 33.2 crore in the fiscal before that

Google News

In a major pay cut in the technology sector, technology giant is said to have slashed the salary of the company and MD, CP Gurnani by as much as 33%. According to the company's latest annual report, Gurnani received Rs 22 crore in salary in the last fiscal, down from Rs 33.2 crore in the fiscal before that.

As per the report, Gurnani's compensation includes Rs 2.7 crore in salary, about Rs 9 crore in perquisites, and Rs 1.7 crore in commissions. He was also eligible for trade payables of Rs 1.8 crore.

So far it is not clear what the remaining component of the salary is, though it is likely to be mostly stock compensation benefits.

Meanwhile, experts believe that part of the decline would be due to the company's top management decision in the first quarter of last year to not take their bonus/ variable pay as part of an effort to deal with the financial impact of the Covid-19 pandemic outbreak.

The company is in its silent period and declined to provide any details. As per estimates, other tech majors like CEO Salil Parekh earned Rs 49 crore last fiscal, while TCS chief executive Rajesh Gopinathan's annual salary rose by 54% to more than Rs 20 crore.

Significant differences often arise from year to year on account of changes in stock vesting schedules.

Get the day's headlines from Tech Observer straight in your inbox

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
- Advertisement -
EmpowerFest 2024
EmpowerFest 2024
EmpowerFest 2024
EmpowerFest 2024
- Advertisement -EmpowerFest 2024
- Advertisement -Education Sabha
- Advertisement -Veeam
- Advertisement -Reimagining Public Sector Analytics
- Advertisement -ESDS SAP Hana

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -

Nvidia stock performs better than Bitcoin as investment option: Study

Nvidia stock has emerged as a better investment than Bitcoin, demonstrating a significant rise in stock value compared to the digital currency.

RELATED ARTICLES