Global software major Infosys will pay its new Chief Executive Officer and Managing Director Salil S. Parekh a whopping Rs 16.25 crore salary per annum, said the IT major on Thursday.
In a regulatory filing on the BSE, the company said in addition to Rs 6.5 crore fixed pay and Rs 9.75 crore variable pay, Parekh would get restricted stock units (RSUs) equivalent to Rs 3.25 crore and performance equity grant worth Rs 13 crore, taking the annual package to Rs 32.5 crore for five years from January 2, 2018 to January 1, 2023.
"The compensation for Parekh is subject to approval of shareholders through postal ballot and electronic voting by February 20," said the filing.
The company's Board has appointed its Company Secretary Parameshwar G. Hegde as the scrutiniser for conducting the postal ballot.
Parekh was appointed the CEO and MD of Infosys with effect from January 2, taking over from interim CEO and MD UB Pravin Rao after the major boardroom battle that ensued between the founders of Infosys and the board, including then CEO and MD Vishal Sikka and chairman R Seshasayee over corporate governance issues.
The CEO post had been vacant since Sikka quit in August, stating that he could not continue to work amid "malicious personal attacks". The company's previous Board blamed founder Narayana Murthy for Sikka's dramatic resignation. Co-founder Nandan Nilekani was then appointed as the non-executive chairman to lead the company and help find Sikka’s replacement.
Parekh is a veteran in the global IT industry, who joined Infosys from Capgemini. He will be the second non-promoter executive of the $10.3 billion firm after Sikka.
At the time of his joining, Parekh said that he was excited to lead the IT major on its path of helping clients digitally reinvent themselves.
"I am excited to lead the company on its path of helping clients digitally reinvent themselves for sustained growth," Parekh said in his first address to nearly 2 lakh Infosys techies operating at its development centres the world over.
With IANS inputs