CEOs of midsize IT companies get huge pay raises in pandemic year
Now is the perfect time to be an executive at a mid-size information technology company right now. CEOs of midsize IT companies earned higher compensation for 2020-21 due to increased business from digital transformation deals during the year.
According to an Economic Times report, Sanjay Jalona, CEO of L&T Infotech (LTI) saw his annual compensation increase by more than 29% during the year, while Indian employees got an increase of 6 % and offshore employees saw their wages increase by 2%.
In its annual report, the company said the increase in compensation for FY21 was greater than that for FY20 because directors cut salaries to conserve company resources in a downturn scenario. pandemic uncertain. The IT company recorded 27.5% profit growth in 2020-2021.
The report adds that Mindtree CEO Debashis Chatterjee’s salary rose 131% to Rs 11.3 crore in FY21, compared to an average increase of 10% for employees. Chatterjee took over the reins of the business in 2019 and the percentage increase is the comparison between a pro-rated period of 2019-20 and the full year 2020-21, he added. The annual report of the company indicates that the fixed remuneration of the executive directors has not changed.
Mindtree reported a 76% increase in profit to Rs 1,105 crore for FY21 and a 12.3% increase in closed deals.
Persistent Systems hired American Sandeep Kalra in October 2020 after Christopher O’Connor’s departure in August. At Rs 11.1 crore in annual compensation, he granted a 153.28% increase over the previous post of chairman of the technology services unit. This increase includes a 110% increase in the value of stock options and compensation paid by Persistent Systems and the company’s US subsidiary.
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