TCS Chief Executive Chandrasekaran Gets 50% Pay Hike | TCS Boss Chandrasekaran Salary | Chandrasekaran TCS Managing Director Revised Salary
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. TCS is growing much faster than its rival Infosys, which recalled its founder and former chairman Narayana Murthy from retirement last week to head the company. 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. In contrast, during Mr Chandrasekaran's tenure as the chief executive (since October 2009), TCS has grown at a compounded annual rate of 21 per cent. It posted a turnover of $11.6 billion last fiscal. TCS reported 22 per cent jump in net profit at Rs. 3,596.9 crore for January-March quarter, meeting market expectations. Infosys is expected to grow between 6-10 per cent in 2013-14, while TCS expects to beat Nasscom's industry estimate of 12-14 per cent growth.