Added incentive: Sikka gives million-dollar salaries to 4 Infosys presidents

Infosys chief executive Vishal Sikka is setting higher salaries for his top management team as an incentive to reach his revenue target of $20 billion by 2020.

Four Presidents - Mohit Joshi, Rajesh K Murthy, Ravikumar S, Sandeep Dadlani and David Kennedy— of the company’s general counsel will now get a million dollar salary package, in addition to restricted stock units and employee stock options.

Their salaries include a higher variable component, the company said in its regulatory filings.

Infosys Board had approved the compensation increase last week to key executives, including its chief operating officer Pravin Rao and chief financial officer M D Ranganath. The human resources head Krishnamurthy Shankar and company secretary Manikantha AGS will also see salary increase from November 1.

“Based on fiscal 2016 performance, 27,250 restricted stock units and 43,000 stock options would be granted (to Rao) once approved by shareholders and these would vest over a 4 years. RSUs and stock options, in future periods, will be granted on achievement of performance conditions,” said the Infosys letter to the BSE.