Infosys' new Chairman Nandan Nilekani won't take any salary
Nandan Nilekani who has made a comeback to Infosys will not draw a salary from the firm. One of the co-founders of the company, Nilekani has come back as the IT firm's non-executive chairman and non-independent director but will take no remuneration for his current stint at the company.
Infosys on Friday announced that Nilekani had chosen to work without a salary in his current post. As co-founder and former chief executive, Nilekani owns 0.93 per cent stake in Infosys. "His last drawn remuneration for fiscal 2010 in which he ceased to be a director was Rs. 34 lakhs," the company said in a filing to the BSE. In the same letter, the company also clarified that UB Pravin Rao will continue to hold the position of Chief Operating Officer (COO) for which he will continue to receive the remuneration as approved by the shareholders vide postal ballot concluded on March 31, 2017, but he will not receive any additional compensation for his role as the Interim-Chief Executive Officer and Managing Director.
Nilekani took over as the chairman of the company after Vishal Sikka's exit followed by a march of board members. Nilekani's job is already cut out with finding the company's next CEO being a priority. Infosys stocks have recovered greatly after Nilekani's reentry into the firm. The company has chosen executive recruitment firm, Egon Zehnder, to help find a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, according to Nilekani.