Salil Parekh is the fresh CEO of Infosys. He succeeds company’s interim CEO UB Pravin Rao who took command after the resignation of Vishal Sikka.
However, the salary of the CEO of country’s second largest outsourcing company is not as high as you’d expect it to be.
Parekh who has been designated for a term of five years, with effect from January 2, 2018, will get a fixed salary of Rs. 6.5 crore. He will also be eligible for an incentive or bonus of Rs 9.75 crore at the end of the fiscal year 2018-2019.
Infosys CEO Salil Parekh will be paid a fixed salary of Rs 6.5 crores. He would be eligible for variable pay of Rs 9.75 crores at the end of the fiscal year.
-independent board member at Infosys Kiran Mazumdar Shaw told PTI.
Ex-CEO Vishal Sikka had earned over Rs 42 crore in FY17. To recall, Sikka joined Infosys in the year 2014 on an annual salary of USD 5.08 million. In addition, he also received $2 million in stock options making him one of the highest paid CEOs of that year.
Parekh’s employment contract also comes with a non-compete for clause.
-Shaw said.
Parekh’s contract also specifies the amount he will be paid should he fail to meet minimum performance targets.
-the company said in a postal ballot.
Parekh will not work with named competitors for six months from the day he leaves the company. He will also not work with or for a client to whom he has rendered service for the last 12 months.
-Infosys said.
Parekh’s contract likewise indicates the sum he will be paid should he neglect to meet least execution targets.
The organisation also said that:
Parekh won’t work with named contenders for a half year from the day he leaves the organisation.\
And Infosys finally reported-
He will likewise not work with or for a customer to whom he has rendered benefit throughout the previous a year.
