HCL Tech's annual report, released over the weekend, stated that the Company paid its CEO, C. Vijaykumar, Rs 123.13 crore last year.
Digital Desk: HCL Tech's annual survey, which was recently released, stated that the Company paid its CEO, C. Vijaykumar, Rs 123.13 crore last year. Vijayakumar is now the highest-paid CEO in India. In addition, the Company clarified that long-term benefits cover three-fourths of Vijayakumar's income.
"Mr. C. Vijayakumar did not receive any remuneration from the Company," the Company stated in its annual report. Still, he did receive remuneration including a Long-term Incentive (LTI) of USD 16.52 million (equivalent to Rs 123.13 crores) from HCL America Inc., a step-down wholly owned subsidiary of the Company."
According to the report, Vijayakumar earned a $2 million annual base salary and another $2 million in variable pay. For the fiscal year that ended March 31, he also received 0.02 million in perquisites and other benefits. HCL also stated that the LTI of $12.50 million brought his total salary to $16.52 million.
"There has been no transition in his compensation during the fiscal year 2021-22 except for the receipt of USD 12.5 million as LTI (Long-Term incentive) that is paid at fixed intervals (at the end of two years) based on the achievement of milestones/parameters fixed by the Board," according to the annual report.
As a result, "the above LTI payment is for two years that ended on March 31, 2021, namely USD 6.25 million for FY 2019-20 and USD 6.25 million for FY 2020-21," the report added.
Vijayakumar will receive about $10.27 million in pay for the fiscal year that ended in March 2020 if LTI is omitted. However, it is slightly less than Wipro CEO Thierry Delaporte, who received $10.5 million.
Salil Parekh, CEO of Infosys, on the other hand, saw a 43% increase in total salary, bringing it to $10.2 million annually in 2021–2022. Rajesh Gopinathan, the CEO of TCS, received a payment of $3.3 million.
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