As of June 2023, K Krithivasan has taken over as the CEO of TCS following the abrupt resignation of Gopinathan, four years ahead of the scheduled end of his term.
“TCS has done well in a volatile global environment in the year gone by,” chairman N Chandrasekaran wrote in a letter to the shareholders.
In FY 2023, TCS delivered a growth of 17.6%, at an industry-leading operating margin of 24.1%, he added.
“I would like to thank Rajesh Gopinathan for his contribution during his tenure as CEO & MD and I wish him the very best for the future. I also take this opportunity to wish K Krithivasan the very best in his new role as CEO and MD of your company,” he said.
K Krithivasan, MD and CEO of TCS said, “TCS has a very strong leadership team and a workforce that is highly motivated. It is my privilege to lead this talented team.”
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“We closed the year with an order book of $34.1 billion. This along with the strong pipeline replenishment gives us good visibility for the medium term,” he added. COO N G Subramaniam earned a total compensation of Rs 23.59 crore during the same period, up 14% through the year. it had grown 18% in FY22. Gopinathan’s remuneration stood at 427 times of the median employee remuneration of the company.
The average annual increase in employee salaries through the year at TCS, was in the range of 5-8% in India. However, during the course of the year, the total increase is in the range of 6-9%, after accounting for promotions and other event based compensation revisions, the company reported. Employees outside India received a wage increase varying from 1.5 to 5.5%.
This comes at a time when peer Wipro has reported a slight dip in executive compensation citing company performance issues. Wipro executive chairman Rishad Premji’s compensation was down by almost 50% in the financial year 2022-23 compared to the previous year due to the negative performance of the IT services business, company filings show.
Premji’s salary in FY22 stood at $1,819,022 which was down by 47% to $951,353 (Rs 7.9 crore), the company reported in its annual report to the US SEC as per international financial reporting standards (IFRS) for American depository share holders (ADS).
Meanwhile, Wipro CEO and MD Thierry Delaporte’s compensation was down 5% in FY23 to $10 million (Rs 83 crore) compared to Rs 79.8 crore in FY22. In dollar terms his compensation was reduced by 5% over the year.
HCL’s CEO, C Vijayakumar, was the highest-paid CEO in FY22. According to the company’s annual report, Vijaykumar was paid Rs 123.13 crore in FY22.
Infosys CEO Salil Parekh was the third-highest-paid CEO of IT firms in India. In FY22, he earned Rs 71.02 crore. Parekh is expected to be the CEO of the company till 2027.Tech Mahindra CEO CP Gurnani is the fourth-highest-paid CEO. In FY22, he was paid Rs 63.4 crore. This was a jump of 189% as compared to FY21.
