Bengaluru, Jan 4 (PTI) Salil Parekh, the newly appointedCEO of Infosys, will draw an annual salary of up to Rs 18.6crore, including variable component, from April onwards.
For the first three months of 2018, Parekh will be paidan "initial variable pay" of Rs 2.37 crore, apart from fixedsalary and other benefits, as per Infosys' postal ballot.
Infosys has sought shareholder approval for Parekh'sappointment, who assumed office on January 2 for a period offive years.
The ballot, which will be put to vote between January 22-Febraury 20 -- also seeks nod for re-designation of UB PravinRao as Chief Operating Officer and whole-time director. Theresults will be announced on or before February 24.
As per the proposal, Parekh will get an annual salary ofRs 6.5 crore (fixed pay), and will be eligible for maximum 125per cent of the annual variable pay of Rs 9.75 crore (whichcomes to up to Rs 12.18 crore), subject to achievement ofcertain milestones.
In addition, the ex-Capgemini executive will also receiveRs 3.25 crore in restricted stock units, Rs 13 crore in annualperformance equity grants and a one-time equity grant of Rs9.75 crore. The stock compensation will vest at variousintervals during Parekh's term.
Vishal Sikka -- who had quit from the CEO position inAugust last year after a protracted row with Infosys founders-- had drawn a total compensation, including bonus and grantof stocks, of Rs 45.11 crore in 2016-17.
Wipro CEO Abidali Neemuchwala's pay package stood at USD2.09 million (Rs 13.2 crore) during FY2016-17, while TCS CEORajesh Gopinathan took home Rs 6.22 crore during the saidfiscal.
High salary hikes for the leadership team and hugeseverance packages being doled out to former employees wereamong key issued raised by the Infosys founders last year.
After the resignation of Sikka and Board members like RSeshasayee (Chairman) in August, Infosys brought in co-founderNandan Nilekani to steer the company. In December, it namedex-Capgemini executive Parekh as its new CEO and MD.
Parekh's contract also outlines the amount he will bepaid in case the minimum performance targets are not met.
"Should Mr Parekh fail to achieve minimum performancetargets, his remuneration as proposed will fall to, Rs 6.5crore annually of fixed salary and Rs 3.25 crore of annualequity grant," the postal ballot said.
Parekh's employment contract also stated that he will notbe allowed to work with named competitors for six months fromthe day he leaves the company.
He will also not work with or for a client to whom he hasrendered service for the last 12 months, Infosys said. PTI BDNSR BJMR.
This is unedited, unformatted feed from the Press Trust of India wire.