BENGALURU: Infosys, the Indian IT firm recently revised the salary structure of its leading executives, giving a major blow to the topmost executives. According to the revised structure, Pravin Rao, the COO of Infosys is likely to experience a massive hit of about 8 crore on his take-home salary. Even the company’s Chief Financial Officer M D Ranganath’s salary is expected to be slashed.

Furnishing specific details, Infosys stated that the revised annual compensation of Pravin Rao has been approved by the Board of Directors. The payment includes a variable compensation of 3.88 crore per annum and fixed compensation of up to 4.62 crore per annum. Depending on the shareholders’ approval, the revised pay scale will come into effect from 1^st November, 2016. Based on the 2016 revenue performance, Rao will also receive 27,250 restricted stock units (RSU) and 43,000 stock options vested over a four year term.

Talking about other leading executives, Infosys added that the revised aggregate compensation of Sandeep Dadlani (Head of Americas), Mohit Joshi (Head of the Financial Services), David Kennedy (Chief Compliance Officer), Rajesh K Murthy (Head of Europe), Manikantha AGS (Company Secretary), Ravikumar S (Chief Delivery Officer) and Krishnamurthy Shankar (Group Head of Human Resource Development) includes a variable compensation of 20 crore and a fixed compensation of 24 crore.

Furthermore, Infosys appointed D N Prahlad, the founder and CEO of Surya Software Systems as an independent director among its Board of Directors. "We are delighted to welcome Prahlad, a distinguished technologist to the Board. Prahlad brings with him, not only his deep knowledge of the company, but also sharp insights into the industry,” says R Seshasayee, Chairman, Infosys.

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