BENGALURU: According to regulatory filings, IBM chairman and CEO Arvind Krishna received $1 million less in total compensation in 2022 than in 2021.
Krishna received $2 million in options and $8.9 million in stock awards, in addition to the same $1.5 million base salary. The CEO's annual total compensation is 271:1 higher than the median employee's annual total compensation. The remuneration was $61,242 for the middle representative.
According to the filing, the Board did not alter Krishna's base salary or target annual incentive for 2023. Krishna's salary was just below the median target cash compensation of the benchmark group of CEOs in companies similar to Krishna's. According to the statement, "For 2023, 77% of Mr Krishna’s annual total target compensation is at risk and subject to attainment of rigorous performance goals and IBM's stock price performance." This is the first increase in Mr. Krishna's annual long-term incentive award since he became CEO in 2020. It is also in line with the median of the 2023 benchmark group.
IBM's revenue increased by 11% to $60.5 billion in 2022, and the company made $10.4 billion in cash from operations. RedHat's revenue, along with that of its hybrid platform and solutions, increased by 17% and 12%, respectively, year over year. Revenue from consulting grew by 15%.
“We assisted our clients in transforming business challenges into opportunities and took decisive steps to build a stronger IBM over the past year. Hybrid cloud and artificial intelligence (AI) are recognized as the two most transformative technologies of our time by the market, and for customers, they serve as fundamental sources of competitive advantage. Our counseling groups have rejuvenated these innovations for our clients to speed up their computerized changes and venture computerization ventures. In addition, "we delivered innovations in infrastructure, strengthened our software portfolio, streamlined our go-to-market strategy, and expanded our ecosystem of partners," Krishna stated in a letter to shareholders. "We also continued a steady pace of acquisitions to strengthen our portfolio."
