President and CEO C. Vijayakumar of IT services business HCL Technologies Ltd. is expected to earn roughly $10.8 million per year over the next five years, making him the highest-paid IT executive among peers in the Indian software services industry.
The salary increase also indicates that the country’s third-largest software exporter has abandoned its decades-long practice of being a cautious paymaster.
Vijayakumar, the company’s CEO since October 2016, was not on the board of directors. Last month, founder Shiv Nadar stepped down from the board of directors, allowing Vijayakumar to be named Managing Director, along with the titles of CEO and MD, for a five-year term beginning July 20.
The Noida-based company revealed its CEO’s remuneration in its annual report for the primary time, adding that Vijayakumar will bring home an annual base salary of $2 million for the year ending March 31, up to $2 million in variable pay, as well as $384,000 in perquisites and other benefits, taking his total compensation to $4.38 million.
In addition, he will receive $31.5 million available options and restricted stock units over the subsequent five years, from March 31, 2026, to March 31, 2026. HCL, on the other hand, did not provide the breakdown of stock options and restricted stock units (RSUs) Vijayakumar will receive each year.
