Wednesday, March 22, 2023

Krishna: IBM CEO Arvind Krishna to earn $16.5 million in 2022 – Usky News

BENGALURU: IBM Chairman and CEO Arvind Krishna will earn $16.5 million in total compensation in 2022, down $1 million from 2021.
Krishna’s base salary remained the same at $1.5 million, and he received $8.9 million in stock awards and $2 million in options. The ratio of the CEO’s annual total compensation to the average employee’s annual total compensation is 271:1. Compensation for the average employee was $61,242.
The filing said that for 2023, the board made no changes to Krishna’s base salary or target annual incentive, which was well below the average target cash compensation of the 2023 benchmark group (of CEOs at similar companies). “He was awarded an annual long-term incentive award valued at $17 million, the first increase since Mr. Krishna became CEO in 2020, and in line with the 2023 benchmark group average… For 2023, 77% of Mr. Krishna The annual total target compensation is at risk and is subject to the achievement of rigorous performance goals and IBM’s stock price performance, the statement said.
In 2022, IBM’s revenue is expected to grow 11% to $60.5 billion, and generate $10.4 billion in cash from operations. Its software revenue grew 12% year-over-year, while its hybrid platforms and solutions grew 9%, including red hat at 17%. Consulting revenue grew 15%.
“Over the past year, we have taken decisive steps to build a stronger IBM and help our clients turn business challenges into opportunities. The market recognizes hybrid cloud and AI as two of the most transformative technologies of our time and, for customers, they serve as a fundamental source of competitive advantage. Our consulting teams bring these technologies to life to accelerate the digital transformation and enterprise automation journey of our clients. “We continued a steady pace of acquisitions to strengthen our portfolio, deliver innovations across infrastructure, strengthen our software portfolio, streamline our go-to-market strategy,” Krishna said in a letter to shareholders. and expanded our ecosystem of partners.


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