Zee Media Bureau
Bengaluru: It's raining money for the top company executives at Infosys.
Vishal Sikka, company's chief executive officer, has a take home salary package of $7.45 million per year for financial year 2015-16.
Not only he but other company executives such as operating chief UB Pravin Rao and general counsel David Kennedy also realized hefty salary packages for the fiscal year.
For Sikka, the salary package includes bonuses and incentives and stock option plan.
This includes basic salary of $906,923, $6.48 million in bonus and incentives and $51,198 in amount accrued for long-term benefits, according to the company's annual report for the latest fiscal.
In 2014-15, Sikka took home a package of Rs 4.56 crore. In August last year, Sikka was brought in to turnaround the company, a strategy that has worked well for the Bengaluru- based firm.
Earlier this year, Infosys board extended the tenure of Sikka by nearly two years till March 2021, saying his initiatives have helped the company move towards reclaiming its industry leadership position.
As per the revised pay structure, Sikka will get an annual base salary of $1 million and $3 million in variable pay. He will also get about $7 million in stock compensation.
"Should Sikka fail to achieve minimum performance targets, his renumeration as proposed will fall to $3 million annually, consisting of $1 million of base salary and $2 million of time-based RSUs," it said.
With PTI inputs