Infosys along with announcing results said that it has revised the pay packages of its top leadership, which includes Chief Operating Officer U B Pravin Rao and Chief Financial Officer M D Ranganath.
The board also approved, CEO of Surya Software Systems D N Prahlad as an independent director on its Board, effective October 14, 2016.
Prior to founding Surya, Prahlad played a key role in the rapid growth of Infosys, being associated with the company during its formative years.
Pravin Rao compensation includes fixed compensation of Rs 4.62 crore per annum and a variable compensation of up to Rs 3.88 crore per annum, Infosys said.
Additionally, based on fiscal 2016 performance, Rao will get 27,250 restricted stock units (RSU) and 43,000 stock options, vested over a period of 4 years.
The compensation structure of Ranganath, Mohit Joshi (Head of the Financial Services), Sandeep Dadlani (Head of Americas), Rajesh K Murthy (Head of Europe), Ravikumar S (Chief Delivery Officer), David Kennedy (Chief Compliance Officer), Krishnamurthy Shankar (Group Head of Human Resource Development) and Manikantha AGS (Company Secretary) have also been revised with effect from November 1, 2016, reports PTI.
"The revised aggregate compensation of the above individuals includes fixed compensation of Rs 24 crore and variable compensation of up to Rs 20 crore," the release said.
Additionally, based on fiscal 2016 performance, restricted stock units (RSU) of 2,45,750 and stock options of 5,02,550 will be granted on November 1, 2016, it added.