Infosys chairman Nandan Nilekani will not draw any salary

Infosys is likely to name its next chief executive officer on Tuesday. Finding a CEO was among the key tasks taken up by co-founder and Chairman Nandan Nilekani when he took charge in August.

Among the probable candidates for the post are B G Srinivas and Ashok Vemuri, two former executives who had quit before co-founder N R Narayana Murthy hired Vishal Sikka in 2014.

Infosys, India’s second-largest information technology (IT) services firm, on Friday said that Nandan Nilekani, non-executive and non-independent chairman, would not receive any remuneration for his role.

He comes under the promoter category and personally holds a 0.93 per cent stake in India’s second-largest IT services firm.

U B Pravin Rao, interim chief executive officer of the company, will get the same salary he was drawing as chief operating officer.

After Vishal Sikka, the first non-founder CEO of Infosys, stepped down on August 18, citing "continuous attack" from founders and distractions, Rao was elevated as the interim CEO and managing director (MD). "U B Pravin Rao will not receive any additional compensation for his role as the interim-CEO and MD," said the company in a filing to the BSE.

Rao’s last drawn remuneration for FY17 was Rs 7.8 crore, excluding value of stock options granted (worth Rs 4 crore). The shareholders had approved an annual remuneration of Rs 12.5 crore, comprising annual fixed salary of Rs 4.63 crore, annual variable compensation of Rs 3.87 crore and performance-based stock options of Rs 4 crore, which would vest over a period of four years. Infosys on Friday issued a postal ballot notice seeking approval from its shareholders on share buyback and appointment of co-founder Nandan Nilekani as the non-executive chairman.

Two people familiar with the development said there was a strong case for Srinivas, group managing director, PCCW Group of Hong Kong, who left Infosys as president, global markets, in 2014.

U B Pravin Rao, interim MD and CEO, may be moved to his earlier role as chief operating officer. A company spokesperson dismissed it as speculative.

While Infosys had tasked executive search firm Egon Zehnder to shortlist CEO candidates, Nilekani had clearly outlined that the firm would also invite former executives for the candidature.

With a CEO in place, Nilekani would be able to focus on the strategy and build the governance structure that would look at its implementation.

At the same time, he would be able to focus on philanthropy and invest in start-ups through the venture capital firm he has started. The information technology major will announce its second quarter results on Tuesday.

Hi, My name is dimple shah and this is the News article Blog