Infosys gives Rs. 14 crore in compensation, Sikka's pay slashed
What's the story
Post results, Vishal Sikka-led Infosys has been busy, from battling layoff rumors to hiring new overseas employees and pushing towards a new direction that would give the company profitability in the coming years.
Now, according to the annual report, it has given stock-based incentives of over 50% more to four of its top executives in the previous fiscal year.
Here's all about it.
Hike
Stock incentives based on performance
The annual report noted that all Infosys presidents, Rajesh Murthy, Sandeep Dadlani and Mohit Joshi, and deputy COO Ravi Kumar S, have received compensation of over Rs. 14 crore in FY-2017, which is almost a 50% hike from what they had received in the previous year.
This compensation was mainly given in the form of performance-based stock incentives that will vest over four years.
Compensation
Vishal Sikka gets a pay cut
Sikka's exorbitant total annual compensation, which has been a source of discontent among Infosys founder members and stakeholders, has been slashed.
According to the report, it now stands at Rs. 45.11 crore in FY 2017 from Rs. 48.41 crore he received in the previous year.
However, COO Pravin Rao, whose pay was also under scrutiny, received Rs. 11.8 crore against Rs. 8.14 crore earlier.
Change
Advent of new charter and committee
The board has also formed a new charter under Stakeholders and Relationship Committee, "to assist the board and the company to oversee the existing redressal mechanism in relation to the stakeholders of the company."
The report said a 'committee of directors' has also been created, who "will support and advise the management in executing the company's strategy".
Jobs
Infy plans to hire 20,000 engineers
Infosys said that it will continue with its annual plan of hiring 20,000 engineers this year but the applicants must have skill sets in certain areas such as digital and analytics in order to get hired.
According to a company official, Infosys has already spread out 20,000 offers on campus and "the number is expected to remain consistent in the coming season also."
AI
Going towards automation
Infosys has recently launched its new AI platform Nia, which is expected to help the company with forecasting revenues, understanding customer behavior and it will also analyze contents of contracts and deal with compliance and fraud.
Vishal Sikka, the CEO of Infosys said that Nia takes a purposeful approach and will help people to work in the new and advanced ways.
Sikka
"It will continue to be a challenging journey"
Sikka signaled that drastic measures will be taken to revive the firm.
In the letter to shareholders Sikka wrote, "We can be the next generation services company, as differentiated and iconic as we once were, a company that admires its past and builds on it, or we can be a somewhat improved, but dying, previous generation company that is mired in that past."