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BENGALURU: Infosys CEO Salil Parekh’s compensation dropped 29. 3% to Rs 56. 4 crore in the 2022-23 financial year, after a massive 88% jump to Rs 79. 8 crore in the year before that. This was presumably because of the company’s weak performance in the final quarter of the year, and the modest revenue guidance for the current year. His remuneration included Rs 30. 6 crore due to RSUs (restricted stock units).
Infosys’ outgoing president Mohit Joshi’s compensation rose 64. 6% to Rs 57. 3 crore, up from Rs 34. 8 crore in the previous year. Joshi resigned from the company earlier this year. He is on leave from March 11 and will stay on leave till June 9, his last date in the company.
The median remuneration of employees (MRE) was Rs 9 lakh in FY23, and Rs 8 lakh in FY22. The average annual increase in the salaries of employees was 9. 9% in India, after accounting for promotions and other compensation revisions. The ratio of CEO’s remuneration to MRE was 627. Infosys had 124 executives with a salary over Rs 1 crore.
In a letter to shareholders in the annual report, Infosys chairman Nandan Nilekani said the awesome possibilities of generative AI is not without risks. “The problems of AI hallucination, systemic biases, lack of explainability along with plenty of practical, ethical and intellectual property-related issues remain open and up for debate. We also know, from our experience, that the path to scaling AI enterprise-wide is non-linear,” he said. Parekh said the company returned $3. 1 billion to shareholders – $1. 7 billion as dividend and $1. 4 billion through its share buyback programme last year.
Infosys’ outgoing president Mohit Joshi’s compensation rose 64. 6% to Rs 57. 3 crore, up from Rs 34. 8 crore in the previous year. Joshi resigned from the company earlier this year. He is on leave from March 11 and will stay on leave till June 9, his last date in the company.
The median remuneration of employees (MRE) was Rs 9 lakh in FY23, and Rs 8 lakh in FY22. The average annual increase in the salaries of employees was 9. 9% in India, after accounting for promotions and other compensation revisions. The ratio of CEO’s remuneration to MRE was 627. Infosys had 124 executives with a salary over Rs 1 crore.
In a letter to shareholders in the annual report, Infosys chairman Nandan Nilekani said the awesome possibilities of generative AI is not without risks. “The problems of AI hallucination, systemic biases, lack of explainability along with plenty of practical, ethical and intellectual property-related issues remain open and up for debate. We also know, from our experience, that the path to scaling AI enterprise-wide is non-linear,” he said. Parekh said the company returned $3. 1 billion to shareholders – $1. 7 billion as dividend and $1. 4 billion through its share buyback programme last year.
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