Ravi Kumar S, CEO of Cognizant, got the targeted pay package of Rs 137 Crore in fiscal year 2024 However, his realised package was much lower at Rs 70 crore, as per the filing with the United States Securities and Exchange Commission (US SEC).
A Times of India (TOI) report quoted the company filing, Kumar’s actual pay for FY24 was Rs 70 crore ($8.2 million), which is 14% up from the previous year’s package. The question, however, is that why his realised compensation was much lower than the target compensation of Rs 137 crore ($16.1 million) for 2024.
Package Breakdown:
- Base salary: Rs 10.25 crore (up 20% YoY)
- ACI target: Rs 20.49 crore (up 20% YoY)
- Performance share units (PSUs): Rs 64 crore (up 9% YoY)
- Restricted stock units (RSUs): Rs 42.68 crore (up 9% YoY)
Cognizant CEO’s realised pay package was much lower because the PSUs granted this year are only set to vest in the future. Moreover, this will be the subject to the satisfaction of performance criteria. According to a report by NDTV, Cognizant’s CEO earned 378 times more than an average employee of his company.
Pay Of Other Top CEOs
Thierry Delaporte, the former Wipro CEO, was the highest paid IT CEO in India. He received a whopping sum of Rs 166 crore ($20 million), including a Rs 92.1 crore severance package, in FY24.
Infosys CEO Salil Parekh received a pay package of Rs 66 crore, as per the company’s annual report showed. Meanwhile, LTIMindtree CEO and MD, Debashis Chatterjee earned Rs 19.34 crore as compensation in FY24, which is 10% more than the previous fiscal year.
Moreover, Amit Chadha, CEO and MD, L&T Technology Services was paid Rs 15.4 crore, with pay a 100% YoY pay hike. TCS CEO and MD K Krithivasan’s earned Rs 25.2 crore as compensation in FY24.
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