Some IT midcap CEOs earn more than counterparts at larger companies
Coforge and Persistent Systems earned more than their counterparts in TCS and Infosys in the last financial year as some Indian midcap IT firms are paying top dollar to their CEOs who are growing their business despite headwinds from multiple directions.
Coforge CEO Sudhir Singh’s annual remuneration jumped three times in FY24 to more than $12.5 million (Rs 105.12 crore), making him the second-highest paid Indian IT firm CEO last financial year, trailing only former Wipro CEO Thierry Delaporte.
Other midcap IT firm CEOs like Nitin Rakesh of Mphasis and Sandeep Kalra of Persistent Systems earned Rs 44.13 crore ($5.2 million) and Rs 77.1 crore ($9.1 million), respectively, in FY24, according to the companies’ annual reports.
This made them the sixth and fourth highest paid IT CEOs in the country, respectively, ahead of K Krithivasan, chief executive of the country’s largest IT firm TCS, who earned Rs 25.2 crore ($3 million) in FY24.
It is to be noted that Krithivasan assumed his charge in June 2023.
While Delaporte’s $20 million (Rs 166 crore) compensation for FY24 was the highest in FY24 for any India-based IT firm, HCLTech CEO C Vijayakumar’s annual compensation of $10.06 million (Rs 84.17 crore) took him to the third place.
Salil Parekh, chief executive of Infosys, earned Rs 66 crore ($7.8 million), placing him at the fifth place in the pecking order.
Debashis Chatterjee, CEO of the country’s sixth largest IT firm LTIMindtree, took home Rs 19.34 crore ($2.3 million) in total compensation in FY24.
Coforge,
