BENGALURU: IT company HCL Technologies CEO and MD C Vijayakumar's compensation stood at $16.52 million (about Rs 124 crore) for the 2021-22 financial year, thus making him the highest-paid CEO among peers in India.
This amount includes a long-term incentive (LTI) of $12.5 million (about Rs 94 crore).
"There has been no change in his remuneration during FY 2021-22 except for receipt of LTI that is paid at fixed intervals (at the end of two years) based on achievement of milestones/parameters fixed by the Board," the company said in its annual report.
"Accordingly, the payment of LTI is for two years that ended on March 31, 2021 viz. $6.25 million for FY 2019-20 and $6.25 million for FY 2020-21," it added.
While his base salary and performance-linked incentive stood at $2 million each, LTI at $12.50 million, and benefits, perquisites, allowances etc at $0.02 million for the year ended March 31, 2022. The median remuneration of employees in the last fiscal was hiked by 11.42 per cent.
According to the annual report, he received the remuneration including LTI from HCL America Inc, a step-down wholly-owned subsidiary of the company during FY 2021-22.
In FY21, his total pay was $4.13 million (about Rs 30.60 crore), and his remuneration was hiked by 73.91 per cent.
Wipro CEO Thierry Delaporte comes second as he took home Rs 80 crore ($10.51 million) and Infosys CEO Salil Parekh’s remuneration jumped to Rs 71 crore in FY22. TCS CEO Rajesh Gopinathan took home Rs 26 crore in the last fiscal.
HCL's revenue from operations grew 17 per cent in the June quarter at Rs 23,464 crore.
In a note to shareholders, Vijayakumar said, "We are going through a product portfolio transformation, evolving our services mix to better align with spend patterns, and leaning into the rapid growth of our digital business."