Muted performance: S.D. Shibulal and S. Gopalakrishnan
Bangalore, May 15:
Muted performance of Infosys in the fiscal 2013 has forced Infosys Managing Director and CEO S.D. Shibulal and Executive Co-Chairman S. Gopalakrishnan to take salary cuts.
According to a filing in the SEC, Shibulal took home a salary of $104,569 for the fiscal 2013 or a 30 per cent cut when compared to the previous fiscal. Similarly, Gopalakrishnan drew a salary of $104,661, a 31 per cent reduction from the previous year. Infosys grew revenues by 5.8 per cent in the fiscal, lesser than what the market expected, due to slowdown in its client spending.
The annual salary of the Infosys’ top officials includes salary, bonus, and incentives and this cut could be attributed to variable pay that includes lower bonus and incentives. However, both Shibulal and Gopalakrishnan are co-founders of the company and draw dividends.
However, this does not reflect the state of CEO pay amongst Indian IT service companies.
Competitor CEO Francisco D'Souza took home a pay of $10.61 million in cash, stocks and other benefits, which was lower than $11.76 million he made in 2011. Similarly, TCS saw pay packet go up in fiscal 2013.
While TCS has not yet disclosed the payout of CEO N. Chandrasekaran’s salary for fiscal 2013, in the 2012 fiscal, he took home $1.4 million (around Rs. 8 crore), which was an 80 per cent jump over the 2011 fiscal, according to its annual report data.
Pratt is highest paid
Interestingly, Infosys, for a second consecutive year Stephen R. Pratt, senior vice-president and managing partner of the company’s consulting and systems integration vertical, has been the highest paid executive in 2012-13.
Pratt, who is also a member of Infosys' Executive Council, received a total compensation of $2.13 million (around Rs 11 crore) and received $1.3 million in bonus/incentive, which is the largest at Infosys.
Ashok Vemuri, director and head of Americas and global head of manufacturing and engineering services, was the highest paid Indian executive at India’s second largest exporter who took home a total compensation of $904,378 (around Rs 5 crore).
venkatesh.ganesh@thehindu.co.in