India’s leading multi-crore companies, such as Tata, Reliance, and Infosys, have a tradition of providing their top executives with jaw-dropping compensation packages. Mohit Joshi, who is set to become the managing director and CEO of Tech Mahindra Ltd., is one of the high-profile beneficiaries of this trend.
C.P. Gurnani, the current CEO, earned a staggering Rs 63.4 crore in 2022. However, it’s Mohit Joshi who will succeed Gurnani and take the reins as the new CEO on December 19. Selected for a five-year term starting from December 20, 2023, until December 18, 2028, Joshi is set to become one of the highest-paid CEOs in the industry.
Who is Mohit Joshi?
Mohit Joshi is an accomplished professional, known for his successful tenure as the president of Infosys Ltd. He has an impressive background, having led various divisions in banking, financial services, insurance (BFSI), healthcare, and life sciences. With a wealth of experience under his belt, he is all set to lead Tech Mahindra to new heights.
Educational Journey and Qualifications
Joshi’s educational journey began at Delhi Public School in RK Puram, where he completed his elementary and secondary education. Later, he pursued a history degree from St. Stephen’s College at Delhi University. Continuing his academic pursuit, he earned an MBA from the prestigious Faculty of Management Studies at the University of Delhi. In 2019, he further honed his leadership skills through the Harvard Kennedy School’s Global Leadership and Public Policy for the 21st Century Programme.
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Global Experience and Distinguished Positions
Having worked across continents like Asia, America, and Europe, Joshi brings a diverse perspective to his new role. Currently residing in London with his wife and two children, he has served in significant positions at some of the biggest companies, including Infosys, ANZ Grindlays, and ABN Amro Bank. Notably, he is also a Non-Executive Director at the IT company Aviva, and previously served as Vice Chair of the CBI’s Economic Growth Board.
Lucrative Compensation Package
Joshi’s new position at Tech Mahindra comes with an enticing compensation package. On top of his base salary, he is entitled to a one-time stock allocation of $3.5 million and a joining bonus of 7 crore rupees, with 60% of the shares vesting in the first year. This translates to approximately 12.41 crore rupees worth of stocks in his initial year. Furthermore, he stands to receive annual stock option awards of up to $3.5 million, with the shares vesting in three equal payments.
As reported by Mint, this compensation structure amounts to a total pay of 46.82 crore in the first year, making him one of the highest-paid professional CEOs in the nation. In addition to the joining bonus of 7 crore rupees, Mohit Joshi’s salary has significantly increased from Rs 15 crore to Rs 34 crore in 2021, with Infosys filing confirming his remuneration of Rs 34,89,95,497 (or Rs 34.89 crore).
With immense responsibilities ahead, Mohit Joshi is all set to steer Tech Mahindra to greater success and prosperity in the years to come.
