Tata Sons chairman N Chandrasekaran took home £13.5 mn in FY24, up 20% against the previous fiscal’s compensation, to retain his position as the highest-paid professional chief of an Indian company.
Tata Sons CFO Saurabh Agrawal earned £3 mn in FY24, making him the second-highest paid executive within Tata Group -India’s largest conglomerate. His earnings were higher than the FY24 compensation of the chiefs of the group’s operating companies such as TCS, Tata Steel, and IHCL (which runs Taj hotels). Agrawal’s earnings increased by about 8% over his FY23 compensation.
TCS CEO K Krithivasan, IHCL head Puneet Chhatwal and Tata Steel chief T V Narendran, had a remuneration of £2.5 mn, £1.9 mn and £1.7 mn in FY24, respectively.
Krithivasan’s remuneration included compensation for his role as TCS’ global head of BFSI from April 1, 2023 to May 31, 2023 and as its CEO from June 1, 2023 to March 31, 2023. Krithivasan occupied the corner office at TCS - the biggest contributor to Tata Sons’ income in the form of dividend and brand subscription fee - following the abrupt exit of Rajesh Gopinathan.
Other Tata Group firms’ CEOs - Praveer Sinha of Tata Power and Sunil D’Souza of Tata Consumer Products earned £1 mn each in FY24, while R Mukundan of Tata Chemicals received £800,000 during the same period. Several CEOs also own shares of the Tata companies they run.
Chandrasekaran’s FY24 compensation at Tata Sons included £12.2 mn as commission earned on the profits of the company and the balance £1.3 mn as salary and perquisites. Former Wipro CEO Thierry Delaporte earned £16.7 mn in FY24 but a significant amount of his compensation comprised severance payment and the vesting cost of stock options. Delaporte, Wipro’s seventh chief, resigned without completing his five year term at the company. In FY23, the French executive’s compensation in Wipro was £8.3 mn. Chandrasekaran’s FY23 compensation was £11.3 mn.
