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Infosys chairman Nandan Nilekani will not draw any salary

He comes under the promoter category and personally holds 0.93% stake in the company

Ayan Pramanik  |  Bengaluru 

Nandan Nilekani
Nandan Nilekani

Infosys, India’s second-largest information technology (IT) services firm, on Friday said that Nandan Nilekani, non-executive and non-independent chairman, would not receive any remuneration for his role. 

He comes under the promoter category and personally holds a 0.93 per cent stake in India’s second-largest  

U B Pravin Rao, interim chief executive officer of the company, will get the same salary he was drawing as chief operating officer.

After Vishal Sikka, the first non-founder CEO of Infosys, stepped down on August 18, citing “continuous attack” from founders and distractions, Rao was elevated as the interim CEO and managing director (MD). “will not receive any additional compensation for his role as the interim-CEO and MD,” said the company in a filing to the BSE. 

Rao’s last drawn remuneration for FY17 was Rs 7.8 crore, excluding value of stock options granted (worth Rs 4 crore). The shareholders had approved an annual remuneration of Rs 12.5 crore, comprising annual fixed salary of Rs 4.63 crore, annual variable compensation of Rs 3.87 crore and performance-based stock options of  Rs 4 crore, which would  vest over a period of four years. Infosys on Friday issued a postal ballot notice seeking approval from its shareholders on share buyback and appointment of co-founder as the non-executive chairman.  

Other resolutions that require shareholders’ approval include appointment of D Sundaram as an independent director on the board and Pravin Rao as the MD and CEO (interim). E-voting and voting through postal ballot on these resolutions will begin from September 8 morning and continue till October 7 afternoon.

First Published: Sat, September 02 2017. 01:57 IST