Infosys CEO Vishal Sikka's salary down 67% in 2016-17
25 May 2017
Infosys chief executive officer (CEO) Vishal Sikka's annual compensation dropped over 67 per cent in 2016-17 on lower bonus payout, amidst rising concerns raised by founder directors of excessive cash payouts to top level executives, including Sikka, say reports.
The cash component of Sikka's salary was Rs16.01 crore, down from Rs48.73 crore in 2015-16, as per the company's annual report. Also, his total compensation that includes bonus and grant of stocks fell by 7 per cent to Rs45.11 crore in 2016-17 from Rs48.41 crore in the previous fiscal, says a PTI report.
However, chief operating officer UB Pravin Rao's total salary increased to Rs11.80 crore in FY17 from Rs8.14 crore in the previous year. The compensation of deputy chief operating officer Ravi Kumar S also increased to Rs14.87 crore from Rs8.27 crore, the report added.
Infosys founder NR Narayana Murthy had, last year, criticised the steep hike in Rao's compensation package.
The remuneration of Sikka for last fiscal remains 283.07 times the median remuneration of employees (MRE) of Infosys. The MRE of Infosys for financial year 2016-17 stood at Rs5,65,585.
Mohit Joshi, Sandeep Dadlani and Rajesh Murthy, all presidents, received compensation of over Rs14 crore each. Joshi got Rs14.62 crore in 2016-17, up from Rs9.02 crore in the previous year, Dadlani got Rs14.97 crore against Rs8.4 crore in the previous year and Murthy got Rs14.25 crore compared to Rs8.55 crore in the previous year.
In the letter to shareholders, Sikka said the company should measure its most talented employees on performance, not on role maturity or tenure, justifying the introduction of a performance-based stock incentive plan in fiscal year 2017.
Non-executive chairman R Seshasayee got Rs1.95 crore in remuneration in 2016-17 compared to Rs1.84 crore in the previous year. Other independent directors too got a remuneration of over Rs1 crore.