Cognizant CEO gets over $10-mn pay package
Offshore-centric IT services major Cognizant has paid its India-origin CEO Francisco D'Souza a pay package of USD 10.61 million in cash, stocks and other benefits.
New Delhi: Offshore-centric IT services major Cognizant has paid its India-origin CEO Francisco D'Souza a pay package of USD 10.61 million in cash, stocks and other benefits.
The US-listed company, which has a large portion of its 1.63 lakh workforce in India, paid Frank a base salary of USD 590,000, stock awards worth USD 9.59 million and a non-equity incentive plan compensation of USD 405,780 for the last year.
However, his USD 10.61 million package for 2012 was lower than USD 11.76 million paid to him in 2011 when 44-year old Frank had got stock awards of over ten million dollars.
Frank is credited with expanding Cognizant's annual revenue from USD 1.4 billion to over USD 7 billion in last six years and has led the company to deliver industry-leading growth in a tough business environment.
Despite a decline from the last year's level, Frank's USD 10.61 million pay package is the highest among all the top executives of the company.
Cognizant President Gordon J Coburn received USD 6.23 million, while others with significant pay packages included Rajeev Mehta (USD 5.19 million), Ramakrishnan Chandrasekaran (USD 3.62 million), Karen McLoughlin (USD 2.5 million) and Malcolm Frank (USD 2.49 million).
Frank, an MBA from Carnegie-Mellon University, was appointed Cognizant CEO and became a member of its Board wiyh effect from January 1, 2007. Son of an Indian diplomat, he had joined Cognizant as a co-founder in 1994 -- the year it was started as a division of The Dun & Bradstreet Corporation.
With over 50 delivery centres worldwide, Cognizant is a member of the US stock market benchmark indices like NASDAQ-100 and the S&P 500, while the company also figures among the lists like Fortune 500.
It has overtaken Indian giants like Infosys and Wipro in terms of IT service revenues.