Infy founder, board rift erupts again as Murthy slams COO's salary hike

Murthy says higher compensation would erode employee trust in board and management of Infosys

Infosys founders, led by N R Narayana Murthy, on Sunday criticised the proposed salary hike of Chief Operating Officer (COO) Pravin Rao, deepening the rift between them and the board of the country’s second-largest software exporter on governance issues. 

Rao’s compensation, to rise 35 per cent to Rs 8.5 crore annually, has, however, been approved by co-founder Nandan Nilekani and a majority of institutional investors, according to results of postal ballots disclosed by Infosys in its regulatory filings.  

Institutional investors hold 57.85 per cent in the company; the founders, including their family members, collectively own 12.75 per cent.

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