The shareholders of Infosys have approved the appointment of Salil S Parekh as CEO and managing director of the company, according to the company in a registration application.
According to the results of voting via the mail order and electronic voting submitted by the IT Director, 97.96% of the shareholders agreed to the appointment of Parekh on 20 February 2018 through the physical voice and electronic mode.
In addition, 99.98 percent of Infosys’ shareholders agreed to the appointment of UB Pravin Rao as a chief operating officer and a full-time director, the company said on Thursday evening. Infosys had issued a notice to ask the shareholders a nod for these two agreements.
For the first three months of 2018, Parekh will receive an “initial variable premium” of Rs 2.37 crore, with the exception of a fixed salary and other benefits. According to the proposal Parekh receives an annual salary of Rs 6.5 crore (fixed salary) and is eligible for a maximum of 125 percent of the annual variable remuneration of Rs 9.75 crore (which amounts to Rs 12, 18 crores), subject to completion of certain milestones.
In his first media intervention following the announcement of his appointment as CEO and CEO of Infosys in January, Parekh said that his immediate priorities would also include communication with employees and customers to create a “roadmap for the future”.
In addition, the former Capgemini executive will also receive Rs 3.25 crore in restricted stock units, Rs 13 crore in annual performance stock grants and a single share allocation of Rs 9.75 crore.
Equity compensation will be earned at various intervals during the Parekh term. Vishal Sikka – who resigned in August last year after a long argument with the founders of Infosys – had a total remuneration, including bonuses and the granting of shares, of Rs 45.11 crore 2016-17.
Parekh was involved in the sudden resignation of Sikka, who resigned in August after a public meeting with the co-founders led by N R Narayana Murthy.
The founders challenged corporate governance violations and challenged the USD 200 million acquisition of Panaya under the previous management while reporting the high severance payments to former employees.