Sikka to draw $1 as Executive VC; no severance pay

Vishal Sikka, the outgoing CEO and MD of Infosys, India’s second largest IT services company, will not be getting any severance package as he has resigned out of his will, sources within the company said.

“No, Vishal won’t be getting any severance pay,” the source told DH.

Earlier in the day, Infosys Chairman R Seshasayee also hinted that Vishal won’t be getting any severance package.

He added that Sikka would be earning $1 as the annual salary in the capacity of the executive vice chairman of the company.

“I asked Vishal how much salary he will ask for as the vice chairman. He said $1 and we shook hands,” Seshasayee said.

He also added that less salary won’t hamper him from working more, and would continue to vest as many hours in the company as he used to earlier.

Sikka received an annual salary of Rs 48.73 crore in 2015-16. The annual report of Infosys quoted that Sikka’s salary dropped to Rs 16.01 crore in the financial year 2016-17.

His total compensation, including bonus and grant of stocks, fell 7% to Rs 45.11 crore in 2016-17 from Rs 48.41 crore in the previous fiscal.

However, the unvested and outstanding equities which were given to him by the company will be carried forward in his new position and will continue to vest.