Vishal Sikka CEO Infosys takes home a cool Rs 49 crore
Infosys chief Vishal Sikka took home an annual salary package of about Rs 48.73 crore for the 2015-16 financial year. This includes basic salary of $906,923, $6.48 million in bonus and incentives and $51,198 in amount accrued for long-term benefits, according to the company's annual report for the latest fiscal. In August last year, Sikka was brought in to turnaround the company, a strategy that has worked well for the Bengaluru-based firm. Earlier this year, Infosys board extended the tenure of Mr Sikka by nearly two years till March 2021, saying his initiatives have helped the company move towards reclaiming its industry leadership position. As per the revised pay structure, Mr Sikka will get an annual base salary of $1 million and $3 million in variable pay. He will also get about $7 million in stock compensation.
In case the targets are exceeded, the performance-based payments for variable components of his compensation (variable pay and performance equity) will be capped at 150 per cent of the target compensation for such variable components, the report added. Once an industry bellwether, Infosys lost out to rivals like TCS and HCL Technologies in terms of growth. Besides, it faced other issues like attrition and exodus of senior-level executives. Apart from posting stellar growth in the last few quarters, Infosys has also set up an aspirational goal of $20 billion in topline by 2020.
Other top executives at Infosys like chief operating officer UB Pravin Rao took home hefty multi-million dollar packages. For 2015-16, Rao earned about $1.39 million in annual pay.
Former CFO Rajv Bansal, who exited the company last October, earned $3.43 million, which included long-term compensation, earnings from stock options and his annual salary.
"In fiscal 2016, we paid independent directors an aggregate of $1,395,402," the report said.
Overall the number of crorepati Infosys employees - those earning Rs 1 crore or more annually - residing in India came down to 48 in FY16 from 111 in the previous financial year.
This could be, said sources, because many of them have moved to the client sites in the US this year, and their remuneration is not reflected in Infosys India's books. A lower bonus paid to senior employees could also be another reason. In FY16, Infosys stole the limelight with a better-than-expected performance.
According to its annual report for the financial year, the number of employees earning Rs 1 crore or more per annum was 48. These are senior management personnel whose details are disclosed by the company every year .