Infosys CEO Vishal Sikka on Saturday said he does not see any impact over comments on outsourcing and immigration in the run-up to US presidential elections, made especially by Republican candidate Donald Trump
Infosys CEO Vishal Sikka on Saturday said he does not see any impact over comments on outsourcing and immigration in the run-up to US presidential elections, made especially by Republican candidate Donald Trump. Interacting with media persons following the Infosys AGM here on Saturday, Sikka said, “The US is an incredibly resilient economy built also by immigrants. While there is rhetoric, but we are not particularly concerned about it.”
In the run-up to elections, Trump has been making very negative comments regarding IT outsourcing and the presence of immigrants. Earlier addressing the shareholders, Sikka said, the current cost based model of the IT industry is unlikely to sustain in the near future.
Sikka, who took over as the CEO of Infosys in August, 2014, has ushered in new initiatives at the IT major in an attempt to regain its bellwether status.
The Infosys CEO has already implemented fresh initiatives likes design thinking, zero distance, renew and new to bring about the transformation within the company. “Innovation is not a mystical or revered action,” Sikka said while adding that it was a continuous effort.
He said the “renew and new strategy” of Infosys has started showing early results. Infosys for FY16 reported an annual growth of 9.1% in dollar terms to record a revenue of $9.5 billion.
The IT major has set a target of $20 billion in revenue by year 2020 with a 30% operating margin and $80,000 in revenue per employee. Sikka said the HR initiatives undertaken by Infosys in the past 18 months has brought down the attrition rate to 13%.
On the large deals win by Infosys, Vishal Sikka said said that the total contract value in FY16 was $2.8 billion, showing a 40% rise. The Infosys CEO also said the repeat business from its top client has improved significantly.
Infosys chairman R Seshasayee, while addressing the gathering, said, “The board strongly believes that the leadership of Vishal and his executive team is crucial to the achievement of our aspirations.” He also remarked that the compensation being paid to executive team is directly linked to company performance and strategic goals.
On the compensation of R23 crore paid to the former CFO Rajiv Bansal, the Infosys chairman said this included both salary and severance package. The payment which was due to Bansal was R6.5 crore in salary and the severance component consisted of R17.38 crore. This entire amount will be paid in installments running up to January 2018.