Infosys board approves stock grants worth ₹34.75 Crore to CEO Salil Parekh

19 Apr 2024 , 11:31 AM

According to a statement, the Infosys board authorised yearly stock awards of ₹34.75 Crore for Salil Parekh, the managing director and CEO of India’s second-largest IT business, on April 18.

The corporate statement specifies that the grant, issued in accordance with the 2015 stock incentive compensation plan, comprises annual performance-based stock incentives provided as restricted stock units.

On April 18, Infosys announced that the company recorded a net profit of ₹7,969 Crore for the fiscal fourth quarter, above analyst expectations. The business posted sales of ₹37,923 Crore in the three months ended March 31, 2024, according to an exchange filing.

It also announced plans to purchase in-tech, an engineering R&D services provider focusing on the German automobile sector.

Salil Parekh, Chief Executive Officer and Managing Director, establishes and evolves the strategic direction for the firm and its portfolio of solutions, while cultivating a strong leadership team to drive execution.

Salil has almost three decades of worldwide expertise in the IT services sector, having led digital transformation for organisations, executed company turnarounds, and managed successful acquisitions. He is on the National Council of the Confederation of Indian Industry. Salil ranked first in IT services on Brand Finance’s Brand Guardianship Index (BGI) 2024 for the role of CEO as brand curator and steward of long-term shareholder value.

Salil formerly served on the Group Executive Board of Capgemini, where he held many senior positions during a 25-year period. He oversaw a business cluster that included Application Services (North America, UK, Asia), Cloud Infrastructure Services, and Sogeti (Technology and Engineering Services Division).

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