New Delhi: Technology giant Infosys on Friday said its board has reappointed Kiran Mazumdar-Shaw as the lead independent director for a second term.
“Based on the recommendation of the Nomination and Remuneration Committee (NRC), the board considered and approved reappointment of Mazumdar-Shaw as lead independent director for a second term from April 1, 2019 to March 22, 2023, subject to shareholders’ approval,” Infosys said in a BSE filing.
Infosys chairman Nandan Nilekani said Mazumdar-Shaw’s continuity, experience and insights are greatly valued by the board as it guides the company in executing its strategy in the coming years.
“Kiran has been a pillar of strength to the board, especially over the last 18 months, as we steered the company to stability and growth. As chair of the NRC, she played a critical role in the CEO and CFO selection process,” Nilekani said.
Mazumdar-Shaw also serves as the chairperson and managing director of biopharmaceutical company Biocon. Infosys’ board also approved grant of Restricted Stock Units (RSUs) to CEO and MD Salil Parekh and COO UB Pravin Rao.
“Grant of annual RSUs having a value of Rs 3.25 crore to Salil Parekh…The grant date for these RSUs is February 1, 2019. The RSUs would vest over a period of three years…” it said. Rao, based on his performance in 2017-18, has been granted 68,250 RSUs. The grant date for these RSUs is February 1, 2019 and these would vest over a period of four years, it added.
The board also approved revision of compensation of key management personnel including Mohit Joshi (president), Ravi Kumar S (president and deputy COO), Inderpreet Sawhney (group general counsel and chief compliance officer), Krishnamurthy Shankar (executive VP) with effect from October 1, 2018. Besides, revision of compensation of Jayesh Sanghrajka (deputy CFO) and AGS Manikantha (company secretary) was also cleared by the board.
“The revised aggregate compensation of these key management personnel includes fixed compensation of Rs 18.20 crore and target variable compensation of Rs 13.60 crore. Additionally, based on fiscal 2018 performance, 3,72,100 RSUs were granted under the plan,” it said.
Source: News18