Ex-Infosys CEO Vishal Sikka received Rs. 13cr remuneration in 2017-18
Former Infosys CEO Vishal Sikka, who resigned last year after a row with Infosys co-founder NR Narayana Murthy, received around Rs. 13cr in compensation for 2017-18. Meanwhile, four other senior Infosys executives - Mohit Joshi, Rajesh K Murthy, Ravi S Kumar, and UB Pravin Rao - made almost Rs. 10cr this year, after significant increase in their remunerations. Here's a break down.
After his row with Murthy, Sikka had resigned as CEO and MD on 18th August 2017, and as executive vice chairman on 24th August 2017. According to Infosys' annual report, Sikka's Rs. 12.92cr remuneration included around Rs. 3cr in lieu of notice and variable pay and Rs. 6.78cr on account of exercise of 70,772 restricted stock options (RSUs).
Meanwhile, Mohit Joshi, president and head of Infosys' banking, financial services and insurance, healthcare and life sciences, drew Rs. 10.38cr in salary this fiscal. Close behind him were Rajesh K Murthy, president and head of energy, resources, utilities, communications and services, with Rs. 9.58cr earned, and Ravi Kumar S, president and deputy COO, with Rs. 9.54cr earned. COO UB Pravin Rao earned Rs. 8.22cr.
The current Infosys CEO, Salil Parekh also, predictably, has a hefty pay package. Parekh received a remuneration of Rs. 3.98cr for this fiscal. Additionally, shareholders also approved RSU grants of fair value worth Rs. 3.25cr, Rs. 9.75cr, and Rs. 13cr, to Salil Parekh, all of which have different conditions and time-frames for accrual.