IT

Infosys CEO Salil Parekh to be paid a fixed salary of Rs 6.5 crore

salil-parekh-pti Infosys CEO Salil Parekh | File

Parekh will also receive Rs 3.25 crore in restricted stock units

Infosys CEO Salil Parekh will be paid a fixed salary of Rs 6.5 crore and would be eligible for variable pay of Rs 9.75 crore at the end of the 2018-2019 fiscal year, according to a top company executive. "Infosys CEO Salil Parekh will be paid a fixed salary of Rs 6.5 crore. He would be eligible for variable pay of Rs 9.75 crore at the end of the fiscal year," said independent board member Kiran Mazumdar Shaw.

Former CEO Vishal Sikka earned $6.75 million in FY17 much against the interests of Infosys founder N.R. Narayana Murthy. Wipro CEO Abidali Neemuchwala is getting a bit over $2 million.

Shaw, who is also the chairman and managing director of biotech giant Biocon and is part of the Nomination and Remuneration Committee (NRC) at Infosys, said Parekh will also receive Rs 3.25 crore in restricted stock units. "He will also get Rs 13 crore in annual performance equity grants," she said.

Parekh will also get a one-time equity grant of Rs 9.75 crore, she said.

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

Parekh's contract also specifies the amount he will be paid should he fail to meet minimum performance targets, the company said in a postal ballot, according to Shaw. It said 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. 

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