Software major Infosys on Friday announced a hefty compensation and stock options to its key managers and high-performing executives in recognition of their contribution to the company's robust growth.
"On the recommendation of the nomination and remuneration committee, the board of directors has approved the revised annual compensation of Director and Chief Operating Officer U.B. Pravin Rao, Chief Financial Officer M.D. Ranganath and seven key managers Mohit Joshi, Sandeep Dadlani, Rajesh K Murthy, Ravikumar S, David Kennedy, Krishnamurthy Shankar and Manikantha AGS from November 1," said the IT major in a statement here.
The board also agreed to grant restricted stock units and stock options to Rao, Ranganath, seven key managers and 425 high-performing executives under the 2015 Stock Incentive Compensation Plan.
"The revised package for Rao includes fixed compensation of Rs 4.62 crore and a variable compensation up to Rs 3.88 crore per annum. In addition, he will be given 27,250 stock units and 43,000 stock options for four years."
As per the revised compensation structure, Ranganath, Joshi, Dadlani, Murthy, Ravikumar, Kennedy, Shankar and Manikantha will each be paid Rs 24 crore as fixed compensation and Rs 20 crore as variable compensation per annum.
"Each senior executive will also be granted 245,750 stock units and 502,550 stock options on November 1," said the statement.
Chief Executive Vishal Sikka, Rao, Ranganath and Manikantha are key managerial personnel as defined under the Companies Act, 2013.
The board also approved granting each of the 425 high-performing executives 906,275 stock units and 943,810 stock options for four years from November 1 based on their performance in fiscal 2015-16.
Meanwhile, the board inducted Surya Software Systems Ltd Founder and Chief Executive N. Prahlad as an independent director from Friday.
The city-based Surya focuses on products for financial risk management of financial institutions and banks.
"Prahlad brings with him not only deep knowledge of the company, but also sharp insights into the industry,a said board Chairman R. Seshasayee in the statement.
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