New Infosys CEO To Get a Fixed Pay of Rs. 6.5 Crore

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The new CEO of Infosys Limited, Salil Parekh, to get a fixed salary of Rs. 6.5 crore and is eligible for a variable pay of Rs 9.75 crores at the end of the 2018-2019 fiscal year, said independent board member at Infosys, Kiran Mazumdar Shaw to PTI.

New Infosys CEO To Get a Fixed Pay of Rs. 6.5 Crore

He will also receive Rs. 3.25 crore in restricted stock units, Rs.13 crore in annual performance equity grants and a one-time equity grant of Rs. 9.75 crore.

The stock compensation will vest at different points over Mr Parekh's term, who has been appointed for a five-year term. Mr Parekh's employment contract also comes with a non-compete clause, Ms. Shaw said.

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, Shaw said.

The company said in a postal ballot that 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.

Former CEO Vishal Sikka, who left Infosys abruptly in August last year after a prolonged standoff with the company's promoters, earned $6.75 million (nearly Rs. 43 crore) in FY17.

Read more about: salil parekh, infosys
Story first published: Thursday, January 4, 2018, 11:18 [IST]
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