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Top IT execs enjoy 20-90% hikes
By siliconindia
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Monday, 09 July 2007, 19:30 IST
New Delhi/Bangalore: As economic growth surges and the sensex rings prosperity for the economy loud-and-clear, top honchos of India's largest software services companies - Tata Consultancy Services (TCS), Infosys and Wipro - seem to be enjoying a different high. In FY07, the top honchos in these companies have seen gross remuneration hikes ranging anywhere from 20 per cent to as high as 92 per cent, far outpacing about 15 per cent increase in average tech pay-packages, reported Business Line today.
In case of Wipro, the gross remuneration of its Chairman and Managing Director, Azim Premji zoomed 92 per cent year-on-year to Rs 3.58 crore in 2006-07 - the highest among the top order - whereas the remuneration package of Wipro Tech COO, Dr A.L. Rao, rose 23 per cent to Rs 99.2 lakh. Its President-Finance Solutions, Girish Paranjpe received a 30 per cent hike, taking home gross remuneration package of Rs 1.04 crore, even as Wipro Infotech President, Suresh Vaswani, took a 25.4 per cent raise, noted the publication.
In case of the Chief Financial Officers (CFOs) of the three leading software firms, the emoluments surged between 37 per cent and 42 per cent. The increase in remuneration for Wipro CFO, Suresh Senapaty, was 37 per cent; for Infosys CFO, V. Balakrishnan, 42 per cent; and TCS CFO, S. Mahalingam, almost 39 per cent.
Infosys hiked Chairman and Chief Mentor Nandan Nilekani's compensation (CEO in these two years but currently the co-chairman) by 24.7 per cent in FY07 to Rs 51.35 lakh while that of S. Gopalakrishnan (President, COO and joint Managing Director earlier, and now CEO and Managing Director) went up 22.6 per cent to Rs 51.74 lakh. The package for Infosys' Director-Education and Research and HR, T.V. Mohandas Pai, shot up about 21 per cent.
In TCS' case, CEO and Managing Director S. Ramadorai's gross remuneration was up over 20 per cent in FY07 to Rs 2.57 crore, while that its Executive Vice President Phiroz Vandrevala, went up about 52 per cent, and that of the Executive Vice-President, N. Chandrasekaran, rose 74 per cent year-on-year. TCS' Executive Vice-President, S. Padmanabhan's gross compensation was up 55.1 per cent during the period.