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.
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.