The newly appointed Infosys non-executive chairman Nandan Nilekani will not receive any salary for his role, according to a notice issued by the company to the exchanges on Friday. Nilekani has been appointed as non-executive, non-independent director of the company. He comes under the promoter category and personally holds 0.93% stake. Meanwhile, U B Pravin Rao, the interim CEO of the company will not receive any additional compensation for his new role. Rao who was the COO was elevated to the role of interim CEO and MD. “U B Pravin Rao will not receive any additional compensation for his role as the Interim-Chief Executive Officer and Managing Director,” the notice said.
Rao’s last drawn remuneration for fiscal 2017 was Rs 7.8 crore excluding value of stock options granted of Rs 4 crore). The shareholders had approved an annual remuneration of Rs 12.5 crore comprising of annual fixed salary of 4.63 crore, annual variable compensation of Rs 3.87 crore and performance based stock options of Rs 4 crore which would vest over a period of 4 years.