Cognizant’s ex-CEO Earned Rs 30 Lakh Per Day; Created Rs 1350 Crore Fortune In 12 Years!
Francisco D’Souza, the former CEO of Cognizant received about 191.4 million dollars for a service of 12 years as CEO of the leading IT company.
D’Souza has been the CEO of Cognizant since 2007, and will now be succeeded by Brian Humphries.
The earnings of D’Souza have been revealed by Equilar, a compensation research firm based out of the US, which also goes on to shed light on the remarkable career of Francisco D’Souza. Apparently, during the time he has been the CEO, Cognizant’s reviews were greater than that of Infosys and Wipro.
Find out more about Francisco D’Souza’s earnings right here!
Cognizant CEO Francisco D’Souza Earns $191 Million in 12 Years
Francisco D’Souza, the former CEO of Cognizant earned about 191.4 million dollars as the total compensation during his overall working period of 12 years.
Cognizant Technology Solutions Corporation (CTSH) revealed the earnings of D’Souza when they published a letter that announced that Francisco D’Souza was stepping down as the Chief Executive Officer, and will now be an Executive Chairman. This change will be effective from April 1, 2019.
The blog by Equilar says, “…the total compensation reported in the summary compensation table of Cognizant’s annual proxy statement for D’Souza totaled $104.3 million—significantly less than he actually earned.”
As per the blog by Equilar, a majority of D’Souza’s was through ‘stocks and options.’
Realized Pay More Than Reported Pay
As per Alex Knowlton, senior research analyst at Equilar, 2016 has been the year where there was a large difference between the reported pay and the realized pay.
The realized pay of Francisco DSouza was 32.9 million dollars whereas the reported pay was 8.3 million dollars in 2016, which is clear in the image shown below.
The figure also shows that in the summary compensation table, the total realized pay for the entire year was about four times the reported pay.
As per reports, D’Souza’s realized pay was greater than the reported pay for each year that he has served, other than in 2008.
Interestingly, the average salary of an average IT employee in India has reduced by 15% in the last 5 years.