HCL Tech, in its annual report released over the weekend, said that it provided a remuneration of Rs 123.13 crore to its chief executive officer (CEO) C. Vijaykumar last year. Know more.
HCL Tech, in its annual report released recently, said that it provided a remuneration of Rs 123.13 crore to its chief executive officer (CEO) C. Vijaykumar last year. This makes Vijayakumar the highest-paid Indian CEO right now. The company clarified that three-fourths of Vijayakumar’s income is included in long-term benefits.
“Mr. C. Vijayakumar did not receive any remuneration from the Company, however, he received remuneration [Including Long-term Incentive (“LTI”)] of USD 16.52 million (equivalent Rs 123.13 crores) from HCL America Inc., a step-down wholly owned subsidiary of the Company,” the company stated in the annual report.
The report elaborated that Vijayakumar earned an annual base salary at $2 million and another $2 million in variable pay. He also received 0.02 million as perquisites and other benefits for the year that ended in March 31. HCL added that the LTI of $12.50 million totaled his salary to $16.52 million.
“There has been no change in his remuneration during the FY 2021-22 except for 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,” the annual report stated. “Accordingly, the payment of above LTI is for two years that ended on March 31, 2021 viz. USD 6.25 million for FY 2019-20 and USD 6.25 million for the FY 2020-21,” the report added.
If LTI is excluded from Vijayakumar’s remuneration for the year ended March 2020, his compensation comes to around $10.27 million, which is slightly less than Wipro’s CEO Thierry Delaporte, who earned $10.5 million.
Infosys CEO, on the other hand, Salil Parekh received a 43 per cent hike in his total compensation to $10.2 million per annum in 2021-22. TCS, on the other hand, paid compensation of $3.3 million to its CEO Rajesh Gopinathan.
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