Vishal Sikka, the new CEO of Infosys will take home a salary of Rs 30 crore or $5 million every year, making him the highest paid CEO in Indian corporate world. This astronomical pay package of Sikka not only makes him the highest paid CEO of any IT company in India, but also across every vertical and niche.
Infosys, which is India’s third largest IT services company as per 2013 revenues, will pay it’s new CEO $900,000 as basic salary and $4.18 million as variable pay which includes allowances and incentives. Additionally, Sikka will also get $2 million as ‘restricted stock’ units after they seek shareholders and board of director’s consent during the extra ordinary general meeting on July 30.
These information and data was shared by Infosys while filing at the Bombay Stock Exchange.
Before joining Infosys as their CEO, Sikka was working with SAP AG where he was a member of the Executive Board. The Germany based ERP behemoth paid $5.75 million annual compensation to Sikka, which included basic salary and other benefits.
If we compare salaries of CEO from other IT and non-IT companies in India, then we will find that Sikka’s current package is way more than their salaries.
Please note that Vishal Sikka is highest salary getter among non-founder, non-promoter CEO’s of the company
- Vishal Sikka, CEO of Infosys: $5.06 million for 2014
- N. Chandrasekaran, CEO of TCS: $3.11 million for 2013
- TK Kurien, CEO of Wipro: $1 million for 2013-14
Non IT Companies
- Naveen Jindal, CMD of Jindal Steel: $14.69 million for 2013-14
- Kalanithi Maran, founder of Sun Group: $11.49 million for 2013-14
- Kumar Mangalam Birla, founder of Aditya Birla Group: $9.42 million
- D. Bhattacharya, MD of Hindalco Group: $3.43 million (non-promoter CEO)
Infosys is betting big on 47 year old Sikka who will be reigning in command of $8.25 billion Infosys from August onwards. Lately, several of the top management members of the organization has left the company, and the revenues have slowed down, as shareholders and investors question the company’s decisions.
The salary which the company is offering to Sikka is no doubt very high according to Indian standards. Hopefully he will be able to justify it and bring Infosys back on track.