Corporate Salary Hike: Tech Mahindra CEO Joins Peers, Salary Hiked By 189% In FY22

Tech Mahindra managing director and chief executive CP Gurnani's remuneration for FY22 jumped 189 per cent to Rs 63.4 crore, the fifth-largest IT exporter said on Wednesday.

In its annual report for the fiscal, Tech Mahindra said Gurnani's remuneration, including salary, stock compensation benefits, and post-employment benefits was Rs 21.9 crore in the year-ago period.

Among Gurnani's peers, TCS chief Rajesh Gopinathan saw a 26 per cent rise in his compensation to Rs 25.75 crore in FY22, while Infosys' Salil Parekh witnessed a 43 per cent jump to Rs 71.02 crore.

Gurnani's salary was 1,188.74 times the median salary of Rs 5.27 lakh in Tech Mahindra. The median salary declined by 1.04 per cent during the fiscal.

Shareholders of the company will be voting on a proposal to re-appoint Gurnani for over one year at the company's forthcoming AGM, the annual report said.

The current term of Gurnani, who has been at the helm since 2012, expires in August, and will be retiring on December 19, 2023, upon attaining the retirement age of 65.

At the AGM -- to be held on July 22 virtually -- shareholders will also be voting on a proposed remuneration structure for Gurnani, which includes fixed compensation of Rs 7 crore yearly, and the chance to earn a commission of up to Rs 3 crore annually. 

In his message to the shareholders, Gurnani said the company has recorded its highest growth in the last 7 years and also sustained margins at 18 per cent, and almost reached the annual revenue rate of USD 6 billion.

"We are putting our weight behind digital technologies of the future and building our advisory, consultancy, and design offerings on trending digital technologies. We are also doubling our effort on next-gen innovations," he said.