Infosys has enhanced the compensation of its key executives including that of chief operating officer U B Pravin Rao. The Infosys Board of Directors has revised the compensation for Rao which now stands at R4.62 crore per annum as fixed income and a variable component of up to R3.88 crore totalling to R8.5 crore effective November 1, 2016. The gross remuneration of Rao during FY16 was R7.53 crore.
In addition to the revised compensation, Rao is also being granted 27,250 restricted stock units and 43,000 stock options would be granted under Infosys’ 2015 stock incentive compensation plan. “These RSU and stock options would vest over a period of four years,” the company said.
Infosys has also approved the revised compensation structure of its other key executives – M D Ranganath, Mohit Joshi, Sandeep Dadlani, Rajesh K Murthy, Ravikumar S, David Kennedy, Krishnamurthy Shankar and Manikantha AGS with effect from November 1, 2016.
“The revised aggregate compensation of the above individuals includes fixed compensation of R24 crore and variable compensation of up to R20 crores. Additionally, based on fiscal 2016 performance, restricted stock units (RSU) of 245,750 and stock options of 502,550 will be granted on November 1, 2016 under 2015 Stock Incentive Compensation Plan (2015 plan),” Infosys said.
Besides the enhanced compensation structure, Infosys has also elevated Mohit Joshi, Sandeep Dadlani, Rajesh K Murthy, RaviKumar S, Krishnamurthy Shankar and David Kennedy as key managerial personnel. The other key managerial personnel include CEO Vishal Sikka, COO Pravin Rao,CFO M D Ranganath and the company secretary Manikantha AGS.