Infosys CEO Salil Parekh to get Rs 16.25 crores in salary and variable pay, plus stock options

Infosys CEO Salil Parekh will be paid a fixed salary of Rs 6.5 crores and would be eligible for variable pay of Rs 9.75 crores at the end of the 2018-2019 fiscal year, the company said in a postal ballot.

Parekh, who has been appointed for a 5 year term, will also receive Rs 3.25 crores in restricted stock units, Rs 13 crores in annual performance equity grants and a one-time equity grant of Rs 9.75 crores. The stock compensation will vest at different points over Parekh’s term.

Former CEO Vishal Sikka, whose salary had come in for criticism from Infosys founder NR Narayana Murthy, earned $6.75 million in FY17. Wipro CEO Abidali Neemuchwala pulled in a little over $2 million.

Parekh’s employment contract also comes with a non-compete clause. He will not work with named competitors for six months from the day he leaves the company and will not work with or for a client to whom he has rendered service for the last 12 months.

Parekh’s contract also specifies the amount he will be paid should he fail to meet minimum performance targets.

“His remuneration as proposed will fall to Rs Six Fifty Lakhs annually of fixed salary and Rs Three Twenty-Five Lakhs of annual equity grant.,” the postal ballot said. Parekh will also receive the one-time equity grant even if the targets are not met and an initial variable pay amount of Rs 2.37 crores for the period from January 2 to March 31, 2018.

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