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Infosys CEO Parekh to get Rs 16.25cr salary, package 45% less than Sikka’s (Third Lead)

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Bengaluru, Jan 4 (IANS) Possibly in a bid to avoid criticism of high pay to its top official, global software major Infosys has said it will pay its new Chief Executive Officer and Managing Director (CEO & MD) Salil S. Parekh Rs 16.25 crore salary per annum.

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 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.

Infosys founder N.R. Narayana Murthy had severely criticised the company for paying such high compensation to Sikka, saying pay for top executives should be moderate.

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’s annual compensation of Rs 12.5 crore includes Rs 4.63 crore fixed salary, Rs 3.87 crore variable pay and Rs 4 crore worth stock options.

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.

–IANS
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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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