Tech Mahindra CEO CP Gurnani’s pay in FY23 dropped by 51% to Rs 32 crore, primarily due to exercised stock options, as per the company’s FY23 annual report released on June 26.
Gurnani’s pay decreased from Rs 63.4 crore in the previous year.
According to a Moneycontrol report, out of the Rs 32 crore, Rs 25 crore came from Gurnani’s exercised ESOPs. He received Rs 2.7 crore as salary and Rs 1.8 crore in commissions. Gurnani’s pay was 466.99 times the median remuneration of Tech Mahindra employees, which was Rs 6,62,076.
The annual report mentioned that employees received a 6% increase in their pay packages (including overseas employees). During the same period, the remuneration of managerial personnel decreased by 41%. However, excluding the portion related to exercised stock options, the managerial pay did not decrease.
The report stated that some of Gurnani’s peers also experienced pay reductions. However, Gurnani still earned more than former Tata Consultancy Services CEO Rajesh Gopinathan, who earned Rs 29.16 crore in FY23, a 13% increase from the previous year.
Infosys CEO Salil Parekh’s earnings dropped by 21% to Rs 56.44 crore, while Wipro CEO Thierry Delaporte’s pay stood out as he earned Rs 82.4 crore, a 5% decrease in dollar terms.
Gurnani has been serving as Tech Mahindra’s CEO since 2012 and will retire on December 19 upon turning 65. Mohit Joshi, a former president at Infosys who joined Tech Mahindra as an Additional Director on June 20, will assume the role of CEO and MD on December 20.
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