Infosys board seeks Nilekani’s re-appointment as chairman

Infosys board seeks Nilekani’s re-appointment as chairman

Bengaluru, May 20: The Infosys board has recommended the re-appointment of its chairman Nandan Nilekani. Nilekani was appointed on August 24, 2017, and is liable to retire by rotation and seeks reappointment, the board resolution said. Nilekani had returned to the firm after the troubles between some of the founders and the previous CEO Vishal Sikka, which led to the resignation of Sikka and then chairman R Seshasayee. Nilekani, as per his wishes, does not receive any remuneration for his services.
In a letter to stakeholders, Nilekani said, “Over the past year, we have been working relentlessly to rebuild a 200,000-plus people organisation to operate with the speed and agility of a startup. We are reforming root and branch, replacing legacy systems and mindsets, dissolving thick encrusted silos, energising the believers and converting the sceptics,” he said
Infosys CEO Salil Parekh’s total compensation in 2018-19 was Rs 24.6 crore, according to the company’s annual report for the year. This includes Rs 7.6 crore of restricted stock options that were exercised during the year. He joined the company in January last year. His predecessor Vishal Sikka’s compensation in 2017-18 was Rs 12.9 crore, but that was not a full year compensation because he had resigned in August 2017. Sikka had received Rs 16 crore in 2016-17.
TCS CEO Rajesh Gopinathan’s compensation (excluding stock options) last year rose 29% to Rs 16 crore. It was Rs 12.5 crore in the year before. Among Infosys’s board members, Punita-Kumar Sinha saw one of the sharpest increases (13%) in remuneration. COO UB Pravin Rao received Rs 9.1 crore.
The two presidents, Mohit Joshi and Ravi Kumar, earned Rs 15 crore and Rs 13.2 crore respectively that includes Rs 4.2 crore and Rs 4.9 crore of stocks that were exercised. The median remuneration of employees was Rs 6.2 lakh and Rs 5.9 lakh in fiscal 2019 and 2018 respectively, representing a 5% increase.