This IIT Grad Saw His Salary Jump 23% In 2023 To ₹165 Cr

Arvind Krishna, the Chairman and CEO of IBM, witnessed a 23% surge in his compensation, which now totals over $20.3 million (around ₹165 crore), according to the company’s 2024 proxy statement.

What Happened: Krishna’s pay package jumped from $16.5 million (around ₹136 crore) in the previous year. The board sanctioned an annual incentive payment of $3.5 million (around ₹29 crore) for Krishna, representing 117% of the target. His base salary remained constant at $1.5 million (around ₹12.43 crore), while he received stock awards worth $11.4 million (around ₹94.5 crore) in 2023.

The compensation committee evaluated Krishna’s overall performance, including robust free cash flow generation, sustainable revenue generation, and the streamlining of the company’s portfolio. His leadership in AI and quantum computing, fostering IBM’s high-performance culture, and employee engagement were also factored in. He took over as CEO in 2020. He has been with the company for over three decades now.

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IBM’s revenue for 2023 was $61.9 billion, with cash from operations totalling $13.9 billion. The company’s software revenue grew 5% year-to-year, and its consulting revenue grew 6% year-to-year at constant currency. IBM concluded nine strategic acquisitions in 2023 and invested $7 billion in research, development, and engineering.

Krishna was recognised for delivering AI capabilities across the IBM technology stack through its AI and data platform, Watsonx. He also played a pivotal role in establishing an integrated governance program, improving regulatory compliance, and time to market.

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