Infosys Revises Pay Packages Of important Executives

Infosys today said that it had revised the pay packages of its top leadership, including COO - Chief Operating Officer U B Pravin Rao and CFO - Chief Financial Officer M D Ranganath. The firm has also inducted founder and Chief Executive Officer (CEO) of Surya Software Systems D N Prahlad as an independent director on its Board, to be in effect from 14^th October, 2016.

Infosys said that the Board of Directors had approved the revised annual compensation of Pravin Rao, with effect from 1^st November, 2016, subject to the approval of shareholders. The compensation includes fixed compensation of Rs.4.62 cr per annum and a variable compensation of up to Rs.3.88 cr per annum.

Meanwhile, Infosys share price hit 52-week low of Rs.996.25 on the NSE today.

Additionally, based on performance of fiscal 2016, Mr.Rao shall get 27,250 RSU - restricted stock units and 43,000 stock options, vested over a span of 4 years.

Apart from Mr.Ranganath, the compensation structure of Head of the Financial Services - Mohit Joshi, Head of Americas - Sandeep Dadlani, Head of Europe - Rajesh K Murthy, Chief Delivery Officer - Ravikumar S, Chief Compliance Officer - David Kennedy, Group Head of Human Resource Development - Krishnamurthy Shankar and Company Secretary - Manikantha AGS have also been revised with effect from 1^st November, 2016.

It said that the revised aggregate compensation of the above individuals encompasses fixed compensation of Rs.24 cr and variable compensation of up to Rs.20 cr. Additionally, based on performance of fiscal 2016, RSU - restricted stock units of 2,45,750 and stock options of 5,02,550 will be granted on 1^st November, 2016, it added. Infosys added 12,717 people at gross level and 2,779 employees on net basis from June quarter, taking its headcount to 1.99 lac employees as on September 30, 2016. The attrition rate was at 20% for the quarter.

Mr Sikka said that Infosys' high performer attrition had come down to 8.9% this quarter from 11.5% in the last quarter on account of company's sharp focus on hanging on to the top performers.

For more details, pay a visit to Infosys share price history.