<p>US-based IT firm iGATE will pay its new CEO and President Ashok Vemuri a base salary of USD 1.3 million (about Rs 8.2 crore) along with an annual cash bonus of as much as USD one million (Rs 6.3 crore).<br /><br /></p>.<p>Vemuri's package at iGATE works out to more than double the amount he received at Infosys where he was Head of Americas and Global Head of Manufacturing and Engineering.<br /><br />In 2012-13, Vemuri drew a basic salary of Rs 3.89 crore (USD 708,000) along with a bonus of Rs 1.02 crore (USD 190,978) at Infosys, taking the total to Rs 4.91 crore.<br /><br />"Mr Vemuri will be employed initially for a five-year term commencing on September 16, 2013, with an initial annual base salary of USD 1.3 million and an annual cash bonus ranging between 0 per cent to 200 per cent of the target bonus of USD 500,000," iGATE said in a filing to the US Securities and Exchange Commission.<br /><br />Vemuri, who was one of the highest paid executives at Infosys, which he left to join iGATE, will also qualify for 150,000 options in iGate and 100,000 restricted stock with a four-year schedule with 25 per cent vesting at the end of each year.<br />He will also receive 3,00,000 target amount of performance-based restricted shares linked to iGATE achieving an EBITDA (earnings before interest, taxes, depreciation and amortisation) goal of USD 400 million.<br /><br />Vemuri, a St Stephens, Delhi, and IIM-Ahmedabad alumnus, was responsible for Infosys' business operations in the company's largest region with USD 4.7 billion in sales.<br /><br />iGATE appointed Vemuri as its CEO and President last week, replacing Phaneesh Murthy, who was sacked in May for failing to disclose his relationship with a subordinate as per company norms.<br /><br />For 2012, Murthy's performance-based incentives were raised to USD 600,000 from USD 500,000 in 2011, while his base salary was USD 1 million.</p>
<p>US-based IT firm iGATE will pay its new CEO and President Ashok Vemuri a base salary of USD 1.3 million (about Rs 8.2 crore) along with an annual cash bonus of as much as USD one million (Rs 6.3 crore).<br /><br /></p>.<p>Vemuri's package at iGATE works out to more than double the amount he received at Infosys where he was Head of Americas and Global Head of Manufacturing and Engineering.<br /><br />In 2012-13, Vemuri drew a basic salary of Rs 3.89 crore (USD 708,000) along with a bonus of Rs 1.02 crore (USD 190,978) at Infosys, taking the total to Rs 4.91 crore.<br /><br />"Mr Vemuri will be employed initially for a five-year term commencing on September 16, 2013, with an initial annual base salary of USD 1.3 million and an annual cash bonus ranging between 0 per cent to 200 per cent of the target bonus of USD 500,000," iGATE said in a filing to the US Securities and Exchange Commission.<br /><br />Vemuri, who was one of the highest paid executives at Infosys, which he left to join iGATE, will also qualify for 150,000 options in iGate and 100,000 restricted stock with a four-year schedule with 25 per cent vesting at the end of each year.<br />He will also receive 3,00,000 target amount of performance-based restricted shares linked to iGATE achieving an EBITDA (earnings before interest, taxes, depreciation and amortisation) goal of USD 400 million.<br /><br />Vemuri, a St Stephens, Delhi, and IIM-Ahmedabad alumnus, was responsible for Infosys' business operations in the company's largest region with USD 4.7 billion in sales.<br /><br />iGATE appointed Vemuri as its CEO and President last week, replacing Phaneesh Murthy, who was sacked in May for failing to disclose his relationship with a subordinate as per company norms.<br /><br />For 2012, Murthy's performance-based incentives were raised to USD 600,000 from USD 500,000 in 2011, while his base salary was USD 1 million.</p>