Infosys Revises Pay Packages Of Key Executives
The executives include COO Pravin Rao and CFO MD Ranganath The IT company has also granted 5 lakh stock options to key executives Infosys also inducted DN Prahlad as an independent director
Bengaluru: India's second largest IT firm Infosys today said it has revised the pay packages of its top leadership, including Chief Operating Officer U B Pravin Rao and Chief Financial Officer M D Ranganath.
The Bengaluru-based firm has also inducted founder and CEO of Surya Software Systems D N Prahlad as an independent director on its Board, effective October 14, 2016.
"The Board of Directors have approved the revised annual compensation of Pravin Rao...with effect from November 1, 2016, subject to the approval of the shareholders. The compensation includes fixed compensation of Rs 4.62 crore per annum and a variable compensation of up to Rs 3.88 crore per annum," Infosys said.
Additionally, based on fiscal 2016 performance, Mr Rao will get 27,250 restricted stock units (RSU) and 43,000 stock options, vested over a period of 4 years.
(Read: Infosys Cuts Revenue Guidance Again, Shares Slump To Year Low)
Apart from Mr Ranganath, the compensation structure of Mohit Joshi (Head of the Financial Services), Sandeep Dadlani (Head of Americas), Rajesh K Murthy (Head of Europe), Ravikumar S (Chief Delivery Officer), David Kennedy (Chief Compliance Officer), Krishnamurthy Shankar (Group Head of Human Resource Development) and Manikantha AGS (Company Secretary) have also been revised with effect from November 1, 2016.
"The revised aggregate compensation of the above individuals includes fixed compensation of Rs 24 crore and variable compensation of up to Rs 20 crore," it said.
Additionally, based on fiscal 2016 performance, restricted stock units (RSU) of 2,45,750 and stock options of 5,02,550 will be granted on November 1, 2016, it added.
On Prahlad's induction to the Board, Infosys Chairman R Seshasayee said: "We are delighted to welcome Prahlad, a distinguished technologist to the Board. Prahlad brings with him, not only his deep knowledge of the company, but also sharp insights into the industry".
Prior to founding Surya, Prahlad played a key role in the rapid growth of Infosys, being associated with the company during its formative years. He is on the advisory board of Computer Science and Automation Department of Indian Institute of Science, Bengaluru.
Infosys added 12,717 people (at gross level) and 2,779 employees (on net basis) from June quarter, taking its headcount to 1.99 lakh employees as on September 30, 2016. The attrition rate was at 20 per cent for the said quarter.
(Also read: TCS Did A 'Commendable' Job Of Arresting Employee Attrition: Report)
Mr Sikka said that Infosys' "high performer attrition" has come down to 8.9 per cent this quarter from 11.5 per cent in the last quarter on account of the company's sharp focus on retaining the top performers.
"We will continue to hire outside talent. Sangita (former Wipro executive) is joining us Monday...she brings great experience in healthcare as well as in global execution," he said.
The company continues to expand its management bandwidth bringing talent and different perspectives from outside, he pointed out.
"Overall, I am extremely satisfied with the way our management team is taking shape for the times ahead," he added.
