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Infosys changes compensation structure in strategy to retain key executives.
he new structure ensures Sikka’s salary to be at $11 million every year, starting from upcoming year. Infosys has, in the process of rewarding Sikka, given him a higher component of the stock options, and in turn reduced the part of his salary that is relevant to variable pay. This decision has placed Infosys back in the race with other top IT companies such as TCS and Wipro, who have been meanwhi
BENGALURU: Infosys has recently introduced changes to their compensation structure, with a deeper strategy to retain key executives and reward other members. As a part of this drive, Vishal Sikka, the existing Chief Executive Officer of Infosys received an annual salary package of $7.45 million for the 2015-16 fiscal year. This change in salary structure benefitted other top company executives as well. U B Pravin Rao, acting as the operating chief for the company, and David Kennedy, the general counsel were among other top level executives who have gained huge from this revamp.
The new structure ensures Sikka’s salary to be at $11 million every year, starting from upcoming year. Infosys has, in the process of rewarding Sikka, given him a higher component of the stock options, and in turn reduced the part of his salary that is relevant to variable pay. This decision has placed Infosys back in the race with other top IT companies such as TCS and Wipro, who have been meanwhile paying their respective CEOs N Chandrasekaran and Abidali Neemuchwala in a similar fashion. Sikka received $7.08 million as part of the old contract, which took into account stock options as well.
Sikka additionally received a pay hike as a reward coupled with an extension on his tenure earlier this year. This was in recognition to his efforts which helped the company gain a major turnaround as well as deliver industry-level growth rates after years. Moreover, the revamped salary structure for the CEO of Infosys agrees much with that of the CEOs working at other global IT firms like the US-based Cognizant Technology Solutions. The CEO of Cognizant, Francisco D'Souza took home a whopping salary package of nearly $12 million in 2015.
The previous year had the COO Pravin Rao and former CFO Rajiv Bansal as the highest paid executives from the company. Rao received total pay of nearly $1 million in the 2014-15 fiscal tenure, which was inclusive of bonuses, incentives and earnings from stock options; while Bansal took a whopping $770,858 back home the same year.
