HCL CEO MAY TURN TOP-PAID BOSS AMONG IT PEERS

NEW DELHI: HCL Technologies Ltd’s chief executive C. Vijayakumar is likely to earn as much as $10.8 million annually over the next five years, making him the highest-paid boss among Indian software services companies.

The pay jump also indicates that the country’s third-largest software exporter has shed its decades-old approach of being a conservative paymaster. Vijayakumar has been CEO of the company since October 2016, but was not a part of the company’s 12-member board. Last month, HCL founder Shiv Nadar stepped down from the board, making way for Vijayakumar as managing director.

Noida-based HCL Technologies disclosed its chief executive’s remuneration in its annual report for the first time.

Vijayakumar will earn an annual base salary of $2 million for the year ending March 31 , up to $2 million in variable pay, and $384,000 in perquisites and other benefits, bringing his total compensation to $4.38 million. In addition, he stands to get $31.5 million in stock options and restricted stock units in the five years to March 31, 2026. HCL, however, did not share the break-up of stock options and restricted stock units (RSUs) that will vest every year. The company’s annual report also did not fully reveal the parameters of variable pay and vesting period for employee stock options. Assuming the RSUs and stock options are spread equally over five years, Vijayakumar could see his earnings rise by $6.3 million, bringing his total compensation to $10.8 million.