Infosys appointed it’s first non-founder chief executive officer as Vishal Sikka way back in June 2014 which was for a term of 5 years which is till 2019. But as a reward to Dr Sikka’s work and the role he played in restoring this IT firm’s position back to the top in the industry he has been given an extension of his term as the CEO of Infosys till 2021.
This Bangalore based company has seen a tremendous profits after trading finished at the stock exchange Bombay Stock Exchange. As a result the board has re-appointed Vishal as the CEO till March 2021 starting from April 2016.
Sikka was initially signed as the CEO of Infosys for a span of five years starting from 1st August 2014 to 13th June 2019. This extension of Sikka’s term as the CEO has been approved by all the investors and members so the board.
Infosys said, “The management under the leadership of Dr. Sikka has drawn up goals for revenue, margins and people productivity for the financial year 2020-21, which are expected to be progressively achieved in the next five years. The board believes that Dr. Sikka’s leadership will be essential to achieve these goals,”.
They also added, “Hence the board recommends that Dr. Sikka’s present contract of employment be replaced with a new contract that is fully aligned to the period and goals, as well as to shareholder value creation,”.
The companies nomination and remuneration committee said that Dr Vishal Sikka will be getting a total compensation of $11 million annually which includes the base salary of $1 million and the rest are restricted stock and certain stock options. This made Vishal Sikka’s compensation close to Cognizants CEO Francisco D’Souza’s $11.3 million package for 2014-2015.