Infosys shareholders approve appointment of Salil Parekh as CEO, managing director
Infosys shareholders have approved the appointment of Salil S Parekh as chief executive officer and managing director of the company, the company has said in a regulatory filing.
New Delhi: Infosys shareholders have approved the appointment of Salil S Parekh as chief executive officer and managing director of the company, the company has said in a regulatory filing.
As per results of postal ballot and e-voting filed by the IT major, 97.96 percent shareholders through physical ballot and electronic mode voted in favour of appointment of Parekh on 20 February, 2018.
Also, 99.98 percent Infosys shareholders approved appointment of UB Pravin Rao as chief operating officer and whole time director, the company said in a late evening filing on Thursday.
Infosys had issued notice for seeking shareholders nod for both these appointments.
In his first media interaction after announcement of his appointment as Infosys CEO and MD in January, Parekh had said his immediate priorities would include connecting with employees and clients to build a "road map for future" that will be announced in April.
For the first three months of 2018, Parekh will be paid an "initial variable pay" of Rs 2.37 crore, apart from fixed salary and other benefits.
As per the proposal, Parekh will get an annual salary of Rs 6.5 crore (fixed pay), and will be eligible for maximum 125 percent of the annual variable pay of Rs 9.75 crore (which comes to up to Rs 12.18 crore), subject to achievement of certain milestones.
In addition, the ex-Capgemini executive will also receive Rs 3.25 crore in restricted stock units, Rs 13 crore in annual performance equity grants and a one-time equity grant of Rs 9.75 crore. The stock compensation will vest at various intervals during Parekh's term.
Vishal Sikka -- who had quit from the CEO position in August last year after a protracted row with Infosys founders -- had drawn a total compensation, including bonus and grant of stocks, of Rs 45.11 crore in 2016-17.
Parekh was brought on board after the abrupt resignation of Sikka, who had quit in August following public spat with co-founders led by N R Narayana Murthy.
The founders had alleged corporate governance lapses and questioned the $00 million Panaya acquisition under previous management while also flagging the high severance pay to former employees.
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Pai, who served as a board member of Infosys from 2000 to 2011, also said it was a "mistake" on the part of N R Narayana Murthy to "focus on only founders becoming leaders (CEOs)" which led many people to quit the company.
The founders have lashed out at Vishal Sikka and the board via a letter that highlights possible corporate governance issues under the new management.
Infosys has dropped plans to sell Panaya and two other subsidiaries Skava and Kallidus after it failed to find any potential buyers