This is how much pay Vishal Sikka took home in FY16
Earlier this year, Infosys board extended the tenure of Sikka by nearly two years till March 2021.
Infosys chief Vishal Sikka took home an annual salary package of $7.45 million (about Rs 48.73 crore) for the 2015-16 financial year.
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.
In case the targets are exceeded, the performance-based payments for variable components of his compensation (variable pay and performance equity) will be capped at 150% of the target compensation for such variable components, it added.
Once an industry bellwether, Infosys lost out to rivals like TCS and HCL Technologies in terms of growth. Besides, it faced other issues like attrition and exodus of senior-level executives.
Apart from posting stellar growth in the last few quarters, Infosys has also set up an aspirational goal of $20 billion in topline by 2020.
Other top executives at Infosys like chief operating officer UB Pravin Rao took home hefty multi-million dollar packages. For 2015-16, Rao earned about $1.39 million in annual pay.
Former CFO Rajv Bansal, who exited the company last October, earned $3.43 million, which included long-term compensation, earnings from stock options and his annual salary.
"In fiscal 2016, we paid independent directors an aggregate of $1,395,402," the report said.