Sixth largest Indian IT firm LTIMindtree CEO and MD Debashis Chatterjee’s total annual compensation grew to Rs 19.34 crore in FY24, from Rs 17.5 crore in FY23, showed the annual report of the company filed with BSE.
Chatterjee’s fixed pay was Rs 9.33 crore, variable compensation at Rs 9.9 crore for the fiscal 2024. The median remuneration of employees of LTIMindtree during the financial year grew by 12% to Rs 14,00,009. In FY23, the median remuneration of the employees was Rs 12,49,992.
In comparison, among the likely front runner to the CEO position next year, chief operating officer Nachiket Deshpande’s compensation at Rs 16.14 crore in FY24 jumped over 600% from Rs 2.3 crore in FY23. FY24’s large part of the payout includes Rs 13.7 crore worth of stock options exercised by Deshpande.
Meanwhile, another reported CEO contender Sudhir Chaturvedi, president, markets and whole-time director, witnessed a 59% dip in total payout at Rs 9.2 crore in FY24, down from 22.2 crore. In FY23, Chaturvedi had exercised stock options worth Rs 12.38 crore.
However, in fixed pay too, Chaturvedi’s salary dipped to Rs 6.7 crore from Rs 7.74 crore in FY23, owing to payment in dollars after relocation to the USA.
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Meanwhile another L&T group subsidiary and IT engineering arm, LTTS (L&T Technology Services) which also filed its annual report revealed that its CEO and MD Amit Chadha’s compensation rose from Rs 7.3 crore in FY23 to Rs 15.4 crore in FY24 witnessing a jump of over 100%. Chadha’s remuneration growth was on account of perquisite value related to employee stock options exercised during the year.
The median remuneration of LTTS employees stood at Rs 9.5 lakh, an increase of 6.75% from last year.
Further, founder chairman AM Naik will be stepping down from his position from both the company’s boards effective June 26.
“As I reflect on the past, I feel grateful to have spearheaded the successful merger of two leading consulting and digital solutions companies to create a formidable force in the industry — one that is driving L&T’s technology-driven vision for growth and diversification,” Naik said in his message to shareholders.
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