In a dramatic development, Infosys Chief Executive Officer (CEO) and Managing Director (MD) Vishal Sikka resigned on 18 August, citing continuous disruptions and personal and negative remarks against him.
His resignation was accepted and he was appointed Executive Vice-Chairman till the new CEO and MD takes over by 31 March 2018. He will now receive a salary of $1 annually.
According to Infosys’ annual report released in May 2017, Sikka’s salary dropped over 67 percent in 2016-17. The cash component of his salary was Rs 16.01 crore, down from Rs 48.73 crore in 2015-16.
His total compensation, including bonus and grant of stocks, fell 7 percent to Rs 45.11 crore in 2016-17 from Rs 48.41 crore in the previous fiscal.
Sikka received a base salary of $1 million in FY17, up from $9,00,000 in previous year. His bonus and incentives dropped to $0.82 million ($4.36 million in FY16) as against the target of $3 million.
He also received restricted stock units worth $2 million, same as the previous year, and performance based stock incentives of $2.88 million (nil last year).
According to the annual report, while the total compensation of Sikka has fallen other senior executives witnessed a rise.
(With inputs from PTI.)
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