Monday, Jul 13, 2020 | Last Update : 11:49 AM IST

111th Day Of Lockdown

Maharashtra25442714032510289 Tamil Nadu138470895321966 Delhi112494899683371 Gujarat41906291982046 Karnataka3884315411686 Uttar Pradesh3647623334934 Telangana3467122482356 West Bengal3001318581932 Andhra Pradesh2916815412328 Rajasthan2439218103510 Haryana2124015983301 Madhya Pradesh1763212876653 Assam168071089541 Bihar1630511953125 Odisha13737875091 Jammu and Kashmir105135979179 Kerala7874409532 Punjab78215392199 Chhatisgarh4081315319 Jharkhand3760230831 Uttarakhand3537278647 Goa2453120714 Tripura206714212 Manipur16098960 Puducherry141873918 Himachal Pradesh121391610 Nagaland8453270 Chandigarh5594178 Arunachal Pradesh3601382 Meghalaya295452 Mizoram2311500 Sikkim164810
  Business   Companies  02 Sep 2017  Infosys seek shareholders' approval for U B Pravin Rao's appointment as MD

Infosys seek shareholders' approval for U B Pravin Rao's appointment as MD

PTI
Published : Sep 2, 2017, 5:06 pm IST
Updated : Sep 2, 2017, 5:06 pm IST

Rao, who is the COO at Infosys, had been named interim-CEO and MD on August 18, after Vishal Sikka resigned.

U. B Pravin Rao stepped in as the interim CEO after Sikka resigned. Photo: Infosys website
 U. B Pravin Rao stepped in as the interim CEO after Sikka resigned. Photo: Infosys website

New Delhi: India's second-largest software services firm Infosys has sought shareholder approval to the appointment of U B Pravin Rao as its Managing Director.

He will continue to hold the position of interim-CEO and MD for a maximum of five years, or until a new CEO and MD is appointed, Infosys said in its postal ballot.

Rao, who is the Chief Operating Officer at Infosys, had been named interim-CEO and Managing Director on August 18, when the then chief Vishal Sikka had resigned against the backdrop of a spate of allegations hurled by co-founder N R Narayana Murthy.

"U B Pravin Rao will hold the position of Interim CEO and MD of the company for a term not exceeding five years or until a new CEO and MD is appointed or if his employment as Interim CEO and MD is terminated earlier by either party giving 90 days' notice to the other party in this regard," Infosys said.

Infosys has roped in executive search firm Egon Zehnder to help in the global search to find Sikka's replacement. The Bengaluru-based company has set a deadline of March 2018 to fill the top position.

Infosys said Rao will continue to perform his role as the COO and interim CEO, along with that of MD. However, he will draw no additional pay as the MD of the company.

Rao will receive up to Rs 12.5 crore this year in annual renumeration comprising a fixed salary of Rs 4.63 crore, a variable compensation of Rs 3.87 crore (at 100 per cent payout) and performance-based stock options of Rs 4 crore (vested over a period of 4 years) as approved by shareholders.

His last-drawn remuneration for fiscal 2017 was Rs 7.8 crore (excluding value of stock options granted of Rs 4 crore).

Shareholders will be able to vote on the postal ballot from September 8 to October 7, and the results will be declared on or before October 9.

The ballot has also pointed out that Nandan Nilekani, who was recently appointed the non-executive chairman, will not receive any remuneration for his current post.

Nilekani, one of the seven co-founders, was first appointed to the board in 1981 and ceased to be its member on July 9, 2009, Infosys said.

His last-drawn remuneration for the fiscal 2010 in which he ceased to be a director was Rs 34 lakh, it said, adding that Nilekani holds 2,13,83,480 shares in the company.

Nilekani and his family together have a 2.29 per cent holding in Infosys.

Another resolution, for which Infosys has sought shareholders' nod, is the appointment of D Sundaram as an independent director on the board.

Tags: vishal sikka, ub pravin rao, infosys, infosys board
Location: India, Maharashtra, Mumbai (Bombay)