Infosys CEO Vishal Sikka's pay component dropped more than 45%; took home $6.7 million in FY17
Vishal Sikka has a fixed pay of $3 million, the remaining being variable, based on performance targets.
New Delhi: Even as Infosys CEO Vishal Sikka grappling with problem of high-profile founders led by N R Narayana Murthy publicly criticising governance style, including salary hikes to top executives, his pay component has actually dropped more than 45 percent.
Against the contracted $11 million, Sikka took home $6.7 million in FY17. He has a fixed pay of $3 million, the remaining being variable, based on performance targets.
Sikka has received $3.68 million of his target variable compensation of $8 million for FY17, which is lower than the $7.45 million that he drew in FY16.
Infosys yesterday announced plans to return Rs 13,000 crore from its cash pile to shareholders after it reported an almost flat net profit in the March quarter and sales outlook that fell short of estimates.
Yielding to pressure from a group of founders and former executives, the company announced a share buyback programme and a pledge to raise dividends.
It also appointed Ravi Venkatesan, an independent director, co-Chairman in a bid to address the founders' corporate governance concerns.
Unanticipated execution challenges and distractions in a seasonally soft quarter affected our overall performance," Sikka said.
He, however, declined to elaborate on the statement, merely saying, "...I need not tell you what the distractions have been. It is our job to manage the company to lead the company in the times that we are in".
Sikka is grappling with problems of visa crackdown by American President Donald Trump that will make it harder for companies like Infosys to send employees to work in the US.
He added: "Looking ahead, it is imperative that we increase our resilience to the dynamics of our environment and we remain resolute in executing our strategy, path to transform Infosys and drive long-term value for all stakeholders."
With PTI Inputs