Neha Alawadhi Moneycontrol News
Former Infosys chief executive Vishal Sikka received Rs 13 crore in salary in FY18, while four other top executives made nearly Rs 10 crore each. Sikka’s compensation at the technology services firm included about Rs 3 crore in lieu of notice and variable pay, the company’s annual report revealed.
The first non co-founder CEO of Infosys stepped down from his role on August 24, 2017, following a public battle with co-founder NR Narayana Murthy who questioned corporate governance practices at the company under Sikka.
The current CEO Salil Parekh’s remuneration in FY 2018 is Rs 3.98 crore, which was approved by shareholders via a postal ballot, which concluded on February 20 this year.
Shareholders also approved an annual grant of restricted stock units of fair value of Rs 3.25 crore, which will vest over time in three equal annual instalments on completion of each year of service from completion of the grants date.
Parekh’s salary structure also includes a one-time grant of RSUs of fair value of Rs 9.75 crore, which will vest over time in two annual instalments, and an annual grant of performance based RSUs of fair value Rs 13 crore, which will vest after completion of three years, subject to targets set by the board or its committee.
Infosys Chief Operating Officer UB Pravin Rao received a hike in the year, which takes his salary to Rs 8.22 crore, from Rs 7.80 crore in FY 2017.
Mohit Joshi, president and head of banking, financial services and insurance ( BFSI), healthcare and life sciences drew a salary of Rs 10.30 crore, while Rajesh K Murthy, president and head of energy, resources, utilities, communications and services took home a paycheck of Rs 9.58 crore this year.
Ravi Kumar S, President and Deputy COO was paid a salary of Rs 9.54 crore.
The chief executive officer MD Ranganath drew a salary of Rs 7.98 crore.
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