Mumbai, May 21: Infosys chief operating officer U. B. Pravin Rao has emerged as the highest paid executive at the country's second-largest IT services company during 2014-15 with a total compensation of nearly $1 million ($970,646)
Rao was followed by chief financial officer Rajiv Bansal with a total package of $748,247. At the current exchange rate, Bansal earns around Rs 4.76 crore compared with a little over Rs 6 crore by Rao.
These details were disclosed by Infosys in a filing with the US Securities and Exchange Commission late on Wednesday night. The compensation includes base salary, bonus and incentives and an annual commission.
Rao drew a base salary of $109,583, bonus and incentives of $616,509 and a commission of $244,554.
Bansal took home a base salary of $124,567, bonus and incentives of $450,980 and a commission of $172,700.
This came during the year Infosys appointed Vishal Sikka as the chief executive officer. He is the first non-promoter CEO of the company.
Sikka was appointed as a director on June 2014 and took charge as the managing director and CEO from August, thereby earning $716,539. He also did not receive any bonus or commission.
However, the company had last year said Sikka would earn a base salary of $900,000 and a variable pay of $4.18 million. Moreover, he will be eligible for an annual stock option amounting to $2 million.
Some of the other top earners at Infosys include Srikantan Moorthy, executive vice-president and global head (human resources), whose total compensation stood at $557,343.
Executive vice-president and general counsel David D. Kennedy was also a surprise inclusion in this list as he took home a total amount of $219,071.
Cognizant CEO Francisco D'Souza took home a package of $11 million in 2014. On the other hand, TCS chief executive N. Chandrasekaran earned Rs 18.68 crore for the year ended March 2014.
The filing came after Infosys reported disappointing results for the fourth quarter ended March. However, the company declared a 1:1 bonus issue.
Sikka had said Infosys would better the industry growth rates by 2016-17, while revenues would double to $20 billion by 2020.
