Infosys CEO Vishal Sikka received a total salary of Rs 48.73 crore for the fiscal 2015-16, according to the discloures made in the the company’s annual report, and this compensation level is set to increase by 50% for the current financial year as per the renewed agreement announced in February this year.
The total compensation paid to Vishal Sikka includes a basic salary of Rs 5.96 crore, retiral benefits of Rs 0.33 crore and bonus & incentive component includes Rs 6.29 crore. During FY17, Sikka will receive a total compensation of $11 million (Rs 73.7 crore approximately), which will be effective from January 2017. This includes annual base pay of $1 million (Rs 6.7 crore) and variable pay of $3 million (Rs 20.1 croe) with a significant component being the stock option of $7 million (Rs 46.9 crore). In comparison the earlier compensation structure was $7.08 million for FY16. The board of Infosys has already extended the term of Sikka till 2021 in recognition for restoring the company’s leadership in the industry and setting the goals for the next five years which are likely to be achieved. Sikka was formally appointed as CEO for a period from August 1, 2014 to June 13, 2018. Now the new agreement will be with effect from April 1, 2016 until March 31, 2021.
Sikka has laid out an ambitious goal for Infosys by 2020 to achieve a revenue of $20 billion with an operating profit margin of 30% and an average revenue per employee of $80,000.
The next in command to Sikka, chief operating officer U B Pravin Rao received a total compensation package of Rs 9.28 crore as against Rs 6.08 crore in FY15.