The current CEO, C.P. Gurnani, earned ₹674.5 crore in remuneration between 1 April 2013 and 30 March 2023, largely on account of stock options exercised over the past decade, according to Mint’s analysis of company filings. Gurnani still owns 7.6 million shares or 0.78% of Tech Mahindra, as of 31 March 2023, which are worth ₹836.7 crore at Thursday’s closing share prices.
Joshi, who will take over from Gurnani as Tech Mahindra’s managing director and CEO on 19 December, has a fixed annual salary of £622,600 and a variable pay of £622,600. With the first-year variable pay guaranteed, he is assured of receiving ₹13.14 crore. Joshi stands to make an additional ₹4.6 crore in annual performance bonus, which is about 70% of yearly variable pay, if the company meets growth targets set by the board.
Joshi joins Tech Mahindra from Infosys Ltd, where he was president of the company and head of banking, financial services, and insurance ( BFSI), healthcare, and life sciences.
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Denne historien er fra July 28, 2023-utgaven av Mint Mumbai.
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