In Vishal Sikka’s first year at Infosys, key execs laugh all the way to the bank
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Top executives at Infosys, such as its chief operating officer and chief financial officer, have witnessed their annual compensation rise 170-210% in FY15 against the previous fiscal, according to latest filings with the US SEC.
Infosys COO UB Pravin Rao, who took over in June, 2014, received a total compensation of $9,70,646 for FY15 including salary, bonus and incentives and commission, compared to the $3,18,954 he got in FY14. This transalates into a 204% rise in total compensation over the last year.
Similar has been the case with Rajiv Bansal, the chief financial officer whose total compensation rose 174% in FY15. Bansal’s compensation for FY15 stood at $7,48,247 against $2,73,061 in FY14. Srikantan Moorthy, who was earlier HR head at Infosys and who has now moved into a different role, received a compensation of $6,42,628 in FY15 compared to $2,06,958 in FY15, revealing a rise of 211%.
The compensation of CEO Vishal Sikka remained at $7,16,539 on a pro rata basis for FY15, which is lower than the COO’s, as his appointment was effective only from August 1, 2014. However, Sikka is entitled to a total annual compensation package, excluding stock options, of a little over $5 million, which includes a base salary of $900,000 and a variable pay of $4,180,000.
Besides, Sikka will also be entitled to receive an annual grant of restricted stock units (RSUs) covering either the company’s shares or American Depository Shares (ADS) with a value of $2 million.
This compensation increase for top executives comes against the backdrop of the company registering revenue growth of 5.6% in FY15 in dollar terms.
Infosys witnessed an exodus of senior executives during FY14 and early FY15, but with Sikka’s arrival these movements have seen a halt. Sikka has brought in numerous employee friendly measures to stem the rising attrition in the company.
The IT major remained a major draw among job seekers. It received 1,380,283 employment applications, interviewed 133,453 applicants and extended offers to 69,418. The company added 15,782 new hires, net of attrition, during fiscal 2015.
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