Infosys top brass gets over 10 Crore hike

By SiliconIndia   |   Tuesday, 28 April 2009, 06:16 Hrs   |    15 Comments
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Infosys top brass gets over Rs.10 Crore hike
Bangalore: IT major Infosys, which laid off thousands of employees for non performance and froze the wages, hikes and fresh hiring in the new fiscal 2009-10 owing to slowdown, gave their top brass a hefty collective hike of over Rs 10 crore (Rs 100 million) in their pay packets during the last fiscal.

The collective remuneration of all the board members and top management personnel rose by Rs 10.28 crore (Rs 102.8 million) to Rs 29.16 crore (Rs 291.6 million) in the fiscal 2008-09, according to the auditors' report to the company board on the consolidated financial statements of Infosys and its subsidiaries.

B G Srinivas, the head of European business and executive council member, was paid highest remuneration of Rs 4.67 crore (Rs 46.7 million) in the fiscal ended March 31, 2009. Srinivas was followed by Ashok Vemuri, who is based in the U.S. and heads the company's BFSI and capital markets business. Vemuri's total compensation rose to Rs 4.04 crore (Rs 40.4 million) from Rs 2.81 crore (Rs 28.1 million) in the previous fiscal.

Srinivas' total remuneration rose by Rs 1.6 crore (Rs 16 million) from Rs 3.07 crore (Rs 30.7 million) in the previous fiscal, but he was second to CFO V Balakrishnan in terms of increase in the total payout. Balakrishnan's remuneration increased from Rs 63 lakh to Rs 2.36 crore in last fiscal - an increase of 1.73 crore (Rs 17.3 million).

The hike was relatively lowest at Rs 9 lakh for Nilekani as also for Chief Operating Officer S D Shibulal and whole time director K Dinesh.

In terms of total remuneration, which includes salary, contribution to providend and other funds as well as perquisites and incentives, Srinivas and Vemuri were followed by director and HR head Mohan Das Pai (Rs 2.59 crore), CFO Balakrishnan (Rs 2.36 crore), Srinath Batni (Rs 1.87 crore), Chandra Shekar Kakal (Rs 1.58 crore) and Subhash B Dhar (Rs 1.27 crore).

The total payout was below Rs 1 crore (Rs 10 million) for each of Nilekani, Gopalakrishnan, Shibulal, Dinesh and all the independent directors, except for Sridar Iyengar who got Rs 1.02 crore (Rs 10.2 million).

Surprisingly, the fattest pay package at the country's second-largest IT exporter does not go to its chief mentor and non-executive chairman N Narayana Murthy, Co-Chairman Nandan Nilekani or CEO and MD S Gopalakrishan. Nilekani's package rose from Rs 82 lakh to Rs 92 lakh, Gopalakrishnan's from Rs 81 lakh to Rs 92 lakh and that of Murthy increased from Rs 50 lakh to Rs 63 lakh.

Earlier this month, Infosys said that it was freezing the wage hikes and fresh hirings for the current fiscal, although it would honor all the 18,000 campus offers made last year. Hit by global slowdown, the company has forecast first ever decline in its full-year revenue in its guidance for the current fiscal.

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