New Delhi: IT services major Infosys has announced that the company’s CEO Salil Parekh will get revised remuneration of Rs 79 crore annually. The IT company in a regulatory regulatory filing said that Parekh’s fixed cash compensation will be an annual salary of Rs eight crore payable as remuneration for his services. Other components include Time-based RSUs, Variable cash compensation and Performance equity grant under the Infosys Limited 2015 Incentive Compensation Plan.
“The Committee has also recommended a revised compensation structure considering that Salil is not a first-time CEO and MD, as he was at the time of his initial appointment. Salil is the CEO of Infosys, a globally listed entity and has demonstrated successful business and overall performance since his appointment. This growth is accompanied by an increase in the total number of employees from 2,04,107 to 3,14,015 during his tenure. The Company competes with global peers, particularly in North America and Europe, with almost 87% of the Company’s revenue coming from these geographies, and therefore, Salil’s remuneration has to be determined keeping in view international benchmarks.” Infosys added
It further said, “Salil’s proposed total target remuneration vis-à-vis the remuneration most recently paid to CEOs of the peers (based on publicly available information as analyzed by the Company’s external advisors Egon Zehnder) would be around the median.”
A summary comparison of his current remuneration terms and the proposed terms and conditions of Salil Parekh annual remuneration are as follows (all numbers are in Rupees crore):
The board of Infosys has approved the reappointment of Salil Parekh as Chief Executive Officer (CEO) and Managing Director of the company for five more years, till March 31, 2027, Infosys said. This is based on the recommendations of the Nomination and Remuneration Committee (NRC) and subject to the approval of shareholders.