TCS gives 50% hike in salary to CEO N Chandrasekaran
Leading software services exporter TCS has raised the salary of its CEO and Managing Director N Chandrasekaran by 50 percent to Rs 15 lakh per month effective from April 2014.
New Delhi: Leading software services exporter TCS has raised the salary of its CEO and Managing Director N Chandrasekaran by 50 percent to Rs 15 lakh per month effective from April 2014.
The hike in salary package of TCS' top executive is however subject to approval by the shareholders.
Chandrasekaran, who became chief executive in October 2009, had received a pay hike of about 40 percent to Rs 10 lakh in July 2011 earlier.
In a recent filing to stock exchanges, the software company said, "The Board has revised the maximum limit of salary of N Chandrasekaran from Rs 10 lakh per month to Rs 15 lakh per month, with effect from April 1, 2014, for the remainder of the tenure of his appointment i.E. Up to October 5, 2014, with proportionate increase in the benefits related to his salary."
Taking into consideration increased business activities of TCS and the responsibilities cast on Chandrasekaran, the board has revised the maximum limit of salary, the company added.
The company's annual general meeting is scheduled for June 28.
During his tenure as the chief executive since October 2009, the company has grown at a compounded annual rate of 21 percent. It posted a turnover of USD 11.6 billion last fiscal.
"At the Annual General Meeting of the company held on July 1, 2011, the members had approved the revision in terms of remuneration of N Chandrasekaran with the maximum amount of salary of Rs 10 lakh per month," the filing added.
TCS reported 22 percent jump in net profit at Rs 3,596.9 crore for January-March quarter, meeting market expectations.
The company has also expressed the confidence of beating Nasscom estimate of 12-14 percent industry growth in 2013-14.