E-Paper
Former Infosys CEO Vishal Sikka received ₹13 crore remuneration for 2017-18
Vishal Sikka, who resigned as MD & CEO of Infosys effective August 18, 2017, received ₹16.01 crore in 2016-17, according to the company’s annual report for the fiscal year ended March 31.
Former Infosys chief executive Vishal Sikka, who quit in August last year after a protracted row with the company’s founders, received ₹12.92 crore remuneration for 2017-18.
He had received ₹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 ₹1.60 crore) and $0.21 million (About ₹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 ₹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 ₹3.98 crore.
Infosys chief operating officer UB Pravin Rao saw his remuneration going up by 5% to ₹8.22 crore last fiscal, from ₹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 ₹7.98 crore, from ₹4.75 crore in 2016-17.
Ravi Venkatesan, who quit Infosys Board earlier this month, had seen his remuneration increase by 38% to ₹1.43 crore. Kiran Mazumdar-Shaw drew a remuneration of ₹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 ₹7.75 crore, including a severance pay of ₹6 crore.
Mohit Joshi (President) saw his remuneration increase by 52% to ₹10.31 crore. Ravi Kumar S (President and Deputy COO) and Rajesh K Murthy (President) took home ₹9.54 crore and ₹9.58 crore respectively.
