Infosys CEO Salil Parekh will be paid a fixed salary of ₹6.5 crore and would be eligible for variable pay of ₹9.75 crore at the end of the 2018-2019 fiscal year, according to a top company executive.
“Infosys CEO Salil Parekh will be paid a fixed salary of ₹6.5 crore. He would be eligible for variable pay of ₹9.75 crore at the end of the fiscal year,” independent board member at Infosys Kiran Mazumdar Shaw told PTI here.
Former CEO Vishal Sikka earned around ₹42.92 crore (USD 6.75 million) in FY17 much to disliking of Infosys founder N.R. Narayana Murthy.
Wipro CEO Abidali Neemuchwala is getting a bit over ₹12.71 crores (USD 2 million.)
Ms. Shaw, who is part of the Nomination and Remuneration Committee (NRC), said Mr. Parekh will also receive ₹3.25 crores in restricted stock units.
“He will also get ₹13 crores in annual performance equity grants,” she said.
Mr. Parekh will also get a one-time equity grant of ₹9.75 crores, Ms. Shaw said.
The stock compensation will vest at different points over Mr. Parekh’s term. He has been appointed for a 5-year term. Mr. Parekh’s employment contract also comes with a non- compete clause, Ms. Shaw said.
Mr. Parekh’s contract also specifies the amount he will be paid should he fail to meet minimum performance targets, company said in a postal ballot, Ms. Shaw said.
The company said in a postal ballot that Mr. Parekh will not work with named competitors for six months from the day he leaves the company.
He will also not work with or for a client to whom he has rendered service for the last 12 months, Infosys said.