Former Infosys CEO Vishal Sikka received Rs 13 crore remuneration for 2017-18 | business news | Hindustan Times
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Former Infosys CEO Vishal Sikka received Rs 13 crore remuneration for 2017-18

Vishal Sikka, who resigned as MD & CEO of Infosys effective August 18, 2017, received Rs 16.01 crore in 2016-17, according to the company’s annual report for the fiscal year ended March 31.

business Updated: May 22, 2018 14:54 IST
Press Trust of India, New Delhi
Vishal Sikka had resigned as CEO and managing director effective August 18, 2017 and as executive vice chairman effective August 24.
Vishal Sikka had resigned as CEO and managing director effective August 18, 2017 and as executive vice chairman effective August 24.(AP Photo)

Former Infosys chief executive Vishal Sikka, who quit in August last year after a protracted row with the company’s founders, received Rs 12.92 crore remuneration for 2017-18.

He had received Rs 16.01 crore in 2016-17, according to the company’s annual report for last fiscal, ended March 31. Sikka had resigned as CEO and managing director effective August 18, 2017 and as executive vice chairman effective August 24.

According to the report, Sikka’s remuneration for 2017-18 included “$0.25 million (approximately Rs 1.60 crore) and $0.21 million (About Rs 1.34 crore) as part of 90 days base pay in lieu of notice and variable pay, respectively for fiscal 2018 on account of resignation”.

Additionally, it said, “remuneration for fiscal 2018 includes Rs 6.78 crore on account of exercise of 70,772 RSUs (restricted stock options)”.

Salil Parekh, who joined Infosys in January this year as the CEO and Managing Director, received a remuneration of Rs 3.98 crore.

Infosys chief operating officer UB Pravin Rao saw his remuneration going up by 5% to Rs 8.22 crore last fiscal, from Rs 7.80 crore in the previous year. While he had stepped into the interim role after Sikka’s resignation as the company conducted the search process for the CEO role, Rao’s salary had remained unchanged.

CFO MD Ranganath saw a 68% hike in remuneration for last fiscal to Rs 7.98 crore, from Rs 4.75 crore in 2016-17.

Ravi Venkatesan, who quit Infosys Board earlier this month, had seen his remuneration increase by 38% to Rs 1.43 crore. Kiran Mazumdar-Shaw drew a remuneration of Rs 1 crore as director on Infosys Board.

Nandan Nilekani, who was brought on Infosys Board on August 24, 2017, has voluntarily chosen not to receive any remuneration for his services rendered to the company.

“We have gone through turbulence, but the resilience of the company has shone through and we are now in a very safe and stable place. The strategy refresh we undertook in the last six months has clearly outlined the way forward for us,” Nilekani wrote in the report.

Former general counsel and chief compliance officer David Kennedy, who also quit last year, took home salary of Rs 7.75 crore, including a severance pay of Rs 6 crore.

Mohit Joshi (President) saw his remuneration increase by 52% to Rs 10.31 crore. Ravi Kumar S (President and Deputy COO) and Rajesh K Murthy (President) took home Rs 9.54 crore and Rs 9.58 crore respectively.