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Infosys to pay CEO Parekh 16.25 cr annual salary (Second Lead)
Bengaluru, Jan 4 (IANS) Global software major Infosys will pay its new Chief Executive Officer and Managing Director (CEO & MD) Salil S. Parekh a whopping Rs 16.25 crore salary per annum, the IT major said 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 its restricted stock units (RSUs) or shares (Rs 5 face value) equivalent to Rs 3.25 crore as annual equity grant and annual performance equity grant worth Rs 13 crore, taking the total package to Rs 32.5 crore ($5 million) per annum for five years.
Parekh’s overall annual compensation ($5 million) is, however, 45 per cent less than the $11.26 million (Rs 73 crore) the company paid to Vishal Sikka per annum during his three-year tenure from August 1, 2014 to August 24, 2017.
Sikka’s compensation included a fixed annual salary of $5.08 million, variable pay of $4.18 million and stock options worth $2 million.
“The compensation for Parekh is subject to approval of the Board’s special resolution by the company’s shareholders through postal ballot and electronic voting (e-voting) by February 20,” said the filing.
The resolution also sought the investors’ approval for Parekh’s appointment as the CEO and MD and Additional Director on the Board from January 2, 2018 to January 1, 2023.
In addition to salary and stock options, Parekh will get health and life insurance as applicable to his executive post.
“Compensation benefits will include paid vacation, travel and entertainment expenses as applicable to the company’s executive,” added the filing.
As the variable pay (Rs 9.75 crore) will be applicable from April 1, the company will pay Parekh Rs 2.4 crore from January 2 to March 31 of this fiscal (2017-18) as initial variable pay.
“The variable pay (Rs 9.75 crore) will be payable to Parekh subject to the company’s achievement of certain milestones determined by the Board or its committee from time to time,” noted the filing.
Parekh will also be given a one-time equity grant of RSUs having a value equal to Rs 9.75 crore in two instalments of 50 per cent each on the first anniversary of the grant date and its second anniversary.
According to other terms of the appointment resolution, Parekh’s five-year term has an option of renewing it for three more years subject to the shareholders’ approval.
“Parekh, 53, will retire upon attaining the age of 60 years,” added the filing.
In the event of leaving the company during the tenure, Parekh or Infosys has to give a three-month notice.
Parekh joined the city-based outsourcing firm on Tuesday after the Board appointed him on December 2.
A veteran in the software industry, Parekh is the second non-founder executive of the $10-billion firm after the exit of the first non-promoter CEO Sikka in August following a spat with its co-founders over governance issues last year.
Prior to joining Infosys, Parekh was an executive board member of the Paris-headquartered global consulting, technology and IT firm Capgemini for 25 years since 1992.
Parekh has Masters degrees in computer science and mechanical engineering from Cornell University in the US and a B.Tech degree in aeronautical engineering from IIT-Bombay.
The Board’s second resolution pertains to the re-designation of U.B. Pravin Rao as Chief Operating Officer (COO) and whole-time Director from January 2 to August 17, 2022 on the terms and conditions of his appointment.
Rao, 56, was the company’s interim CEO and MD from August 18 to January 1 after Sikka resigned from the top execute post.
The company’s Board has appointed Parameshwar G. Hegde, a practising company secretary, as scrutiniser to conduct the postal ballot and electronic-voting from January 22 to February 20 and submit his report to the Chairman (co-founder Nandan Nilekani) with its results on or before February 24.
The resolutions will be sent to the shareholders for approval on January 15.
The company’s blue-chip scrip of Rs 5 face value was quoting Rs 1,014.70 per share on the BSE in the post-noon trading on Thursday after opening at Rs 1,022 and as against Wednesday’s closing price of Rs 1,019.10./Eom/690 words.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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