<p>Salil Parekh, incumbent CEO and MD of India's second largest IT company, Infosys, will be paid a fixed salary of Rs 6.5 crores and would be eligible for variable pay of Rs 9.75 crores at the end of the 2018-2019 fiscal year.</p>.<p><br />For the period spanning his joining date, January 2 to March 31, Parekh would be entitled to an initial variable pay of Rs 2.38 crore, according to the postal ballot filed by the IT major.<br /><br />Parekh, who is expected to serve a five-year term at the helm of IT behemoth, will also receive Rs 3.25 crores in restricted stock units, Rs 13 crores in annual performance equity grants and a one-time equity grant of Rs 9.75 crores. The stock compensation will vest at different points over Parekh's term.<br /><br />It was the compensation of company's former CEO and MD Vishal Sikka, that was subjected to lot of criticism by founder NR Narayana Murthy. Sikka's total compensation for fiscal year 2016-17 was Rs 45.11 crore, although the fixed component in Sikka's package was just $1 million (Rs 6.33 crore). Sikka, ultimately made unceremonious exit from the IT behemoth in August last year.<br /><br />Parekh's severance pay has been fixed at 50% of his basic pay and 50% of his bonus, in case he leaves the company. The high severance payment made by company to its former CFO, Rajiv Bansal snowballed into a major controversy.<br />Parekh, has been appointed for 5-year term, with an option to extend it for 3 more year.</p>
<p>Salil Parekh, incumbent CEO and MD of India's second largest IT company, Infosys, will be paid a fixed salary of Rs 6.5 crores and would be eligible for variable pay of Rs 9.75 crores at the end of the 2018-2019 fiscal year.</p>.<p><br />For the period spanning his joining date, January 2 to March 31, Parekh would be entitled to an initial variable pay of Rs 2.38 crore, according to the postal ballot filed by the IT major.<br /><br />Parekh, who is expected to serve a five-year term at the helm of IT behemoth, will also receive Rs 3.25 crores in restricted stock units, Rs 13 crores in annual performance equity grants and a one-time equity grant of Rs 9.75 crores. The stock compensation will vest at different points over Parekh's term.<br /><br />It was the compensation of company's former CEO and MD Vishal Sikka, that was subjected to lot of criticism by founder NR Narayana Murthy. Sikka's total compensation for fiscal year 2016-17 was Rs 45.11 crore, although the fixed component in Sikka's package was just $1 million (Rs 6.33 crore). Sikka, ultimately made unceremonious exit from the IT behemoth in August last year.<br /><br />Parekh's severance pay has been fixed at 50% of his basic pay and 50% of his bonus, in case he leaves the company. The high severance payment made by company to its former CFO, Rajiv Bansal snowballed into a major controversy.<br />Parekh, has been appointed for 5-year term, with an option to extend it for 3 more year.</p>