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Infosys justifies pay hike for COO, says effective rise only 1.4%

LiveMint logoLiveMint 03-04-2017 PTI

New Delhi: Infosys on Monday vehemently defended the hike in the compensation of its COO U B Pravin Rao, saying the revision was arrived at after benchmarking against peers.

On the objections raised by co-founder and former chairman N R Narayana Murthy, Infosys, the country’s second-largest software exporter, said it views the statement by Murthy as “important feedback” and will continue to work with all stakeholders to ensure long-term interest of the company.

Also Read | Infosys shares fall 1% after Narayana Murthy slams COO Pravin Rao’s salary hike

Justifying the over 33 per cent hike in Rao’s compensation, Infosys said the cash component has decreased from Rs5.2 crore to Rs4.6 crore and it is only the performance-based component that has been raised from 45% to 63%. The company said considering the four-year vesting period of the stocks given to Rao, the hike came to just 1.4% for 2017-18.

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