The salary of Salil Parekh, Chief Executive Officer (CEO) and Managing Director (MD) of IT giant Infosys, has been hiked by a whopping 88 per cent.
Earlier they used to get Rs 42.50 crore annually and now they will be given Rs 79.75 crore per annum.
Infosys has given this information in its FY22 annual report released on Thursday. The Infosys board on Sunday extended the tenure of Salil Parekh for another five years.
Salil Parekh has now become one of the highest paid top officers in the country due to this huge increase in salary.
Infosys says that the CEO’s salary should be seen in the context of the performance of the company and the rise in the price of the shares.
The company says that under Parekh’s leadership, the total shareholder return stood at 314 per cent and revenue also increased from Rs 70,522 crore in 2018 to Rs 1,21,641 crore in 2022. The company’s profit also increased to Rs 22,110 crore from Rs 16,029 crore.
Salil Parekh has been heading the company for the last four years. He is the CEO and MD of Infosys since 2018.
Infosys had said that Salil Parekh has been appointed as the CEO and MD of the company from July 1, 2022 to March 31, 2027. The decision is yet to be approved by the shareholders.
According to the report, Parekh received Rs 71 crore in the financial year ended March 22. Of this, Rs 52 crore was received by Parekh through stock.
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