In Infosys’ annual report for the financial year ending March 2024, Chairman Nandan Nilekani highlighted the vast potential of Generative AI (GenAI) while minimizing concerns about its risks. Nilekani noted that fears of AI leading to human extinction have diminished as understanding of the technology has improved over the past 18 months.
Nilekani compared GenAI to other significant technological advancements, such as electricity and the internet, emphasizing its potential for positive impact when used responsibly.
Consumer AI vs. Enterprise AI
Nilekani explained that consumer AI will be different from enterprise AI. Consumer AI will enhance usability, convenience, and accessibility, similar to how smartphones revolutionized access to technology. In contrast, enterprise AI will require companies to organize their data effectively for AI to provide accurate and useful insights.
Infosys’ GenAI Projects
Infosys CEO Salil Parekh shared insights into the company’s GenAI initiatives, which include projects in software engineering, process optimization, customer support, advisory services, and sales and marketing.
Executive Compensation
Salil Parekh, now in his second term as CEO, earned $7.9 million (₹66.25 crore) for the fiscal year ending March 2024, making him the fourth-highest-paid CEO in the Indian IT industry. His salary saw a 16% increase from the previous year.
Parekh’s compensation is notable compared to other IT leaders. For instance, Wipro’s former CEO Thierry Delaporte earned over $20.4 million, HCL Technologies’ C Vijayakumar is expected to earn $10.6 million, and Cognizant’s CEO Ravi Kumar Singisetti earned $22.6 million. TCS CEO K. Krithivasan earned $3.1 million.
Stock Awards
A significant portion of IT executives’ compensation comes from stock awards. Infosys granted 4.23 lakh shares to Parekh in the year ending March 2024, up from 3.5 lakh shares the previous year. This contributed to Parekh’s salary being 677 times the median salary of Infosys employees, a substantial increase from the previous year.
Overall, Nilekani’s optimistic view on GenAI and Infosys’ ongoing projects reflect the company’s commitment to leveraging advanced technologies for growth and innovation.
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