IT services company iGate Corporation’s President and CEO Phaneesh Murthy, who successfully led the company to acquire Mumbai-based IT and BPO services company Patni Computer Systems, has been rewarded with a more than two-fold growth in his annual compensation package.
The Nasdaq-listed company has announced increasing Murthy's annual basic salary from the present $530,000 million to $1 million, which along with the annual performance-based bonus opportunity of $500,000 million makes the total annual package to $1.5 million (about Rs 7 crore).
The company, in a filing to the US Securities and Exchange Commission, has announced that "The increase in salary is effective retroactively to January 1, 2011." The actual annual bonus payable to Murthy for 2011 will be based on the company's achievement of certain performance measures to be determined by the Compensation Committee, it added.
