Gurnani: Tech Mahindra CEO CP Gurnani’s compensation halved in FY 2023: Report – Times of India
According to the report, Gurnani earned Rs 25.6 crore from employee stock option plans (ESOP) during the last fiscal year compared with Rs 58.8 crore in FY22. “While the geopolitical tensions, inflation and recession have slowed down enterprise tech spending, it has also triggered a greater need for businesses to conserve resources and optimise costs,” Gurnani wrote to shareholders in the annual report, adding that the broader macroeconomy had witnessed significant instability and evolution, which was likely to persist. “Lastly, I must state that change is difficult, but inevitable. It’s been 14 years since I embarked on my role as the MD and CEO of Tech Mahindra, and now it is time to step back,” Gurnani said in his message to shareholders.
Gurnani is set to retire in December 2023. Mohit Joshi, who was president at Infosys, is set to take over as Tech Mahindra CEO on December 20.
Incidentally, Gurnani is not the only one to see a fall in compensation. The total remuneration received by the company’s managerial personnel too fell 41% last fiscal year because of a lower number of stocks allocated to them under ESOP being exercised. The report also reveals that the company filled over 60% open positions with internal candidates during the year, it said in a disclosure.
IT exec salaries
Many other large IT companies too have seen CEO and CXO salaries fall in FY23 amid uncertain business conditions. Rival 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. His remuneration included Rs 30.6 crore due to RSUs (restricted stock units). Wipro CEO Theirry Delaporte took home a 5% lower salary while chairman Rishad Premji took almost a 50% cut.
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