IT major Infosys CEO Vishal Sikka received a pay cut as the company failed to meet its set targets.
The Times of India reported that Sikka got only 46% of his target related compensation for the last financial year.
According to the TOI report, Sikka took home only $3.68 million of the possible $8 million of his variable income, which meant that in total, for the last fiscal, his annual income was $6.68 million out of the possible $11 million.
The drop in Sikkaâ€™s pay package comes ten days after company founder Narayana Murthy made waves with his statement on astronomical pay hikes rewarded to companyâ€™s top bosses while most employees get a meagre 6-8% increase in their salaries.
According to an Economic Times report, this move got the assent of shareholder advisors.
"If you see (we) have not given him all the ESOPs he was eligible for. This is a good sign, to focus (on) pay with performance," Shriram Subramanian, managing director of shareholder advisory firm InGovern, told ET.
The company grew 7.4% in dollar terms in the year when the growth was forecasted to be 11.5 % to 13.5%, Business Standard reported.
The top executiveâ€™s pay package went up by from its total of $7.08 million which included $2 million in stock option.