India's IT Giants Pay Their CEO’s Millions As Turnover!

The CEOs of Indian information tech companies are being paid big bucks as attrition rates surge among employees.

In the fiscal year ending March 31, 2022, Wipro CEO Thierry Delaporte earned $10.5 million. Infosys CEO Salil Parekh began drawing $10.2 million this year under the terms of a new 5-year contract, almost doubling his pay from 2021.

NITES President Harpreet Singh Saluja told CNBC that Indian IT CEOs are taking home “obscenely high salaries” despite pandemic layoffs.

“Those that skirted layoffs did so by announcing pay cuts,” Saluja said.

The CEO of India’s largest software company TCS Rajesh Gopinathan drew the lowest salary among his peers, with his pay totaling $3.2 million.

On Wednesday, Wipro reported quarterly revenue surged 17.9% from a year ago to $2.7 billion, while net income dropped 20.9% to $324.4 million.

Wipro also reported that 23.3% of its employees left in the three months ending June 30, a marginal drop from the 23.8% rate reported for the January-March quarter. During Wipro’s April earnings call, Delaporte said the company will “increase the frequency of promotion cycles for 70% of our colleagues in junior bands, to now a quarterly basis.”

Globally, India is the only country with surplus human capital in technology. There is a huge shortage in the US, and an inadequate number of qualified people across Europe. And Southeast Asia does not have the kind of talent in place, making India the only country that serves global markets.