Infosys plans to give Salil Parekh Rs 10 crore in stock incentive

NEW DELHI: IT major Infosys on Thursday said its board has approved a new stock incentive plan called Infosys Expanded Stock Ownership Program – 2019, which links long-term employee incentives with shareholder value creation.

Under the new plan it has been proposed that Salil Parekh, CEO and managing director will be granted equity shares having a market value of Rs 10 crore.

“Subject to shareholder approval, this plan proposes to allocate 50 million shares (or 5 crore shares) equating 1.15 per cent of the company’s equity shares to its employees,” the company said in a regulatory filing.

Moreover, UB Pravin Rao, chief operating officer and whole time director of the company has been proposed to be given Rs 4 crore in company stock.

Commenting on the new plan, Parekh said: “Our employees are our biggest asset, and through this program we aim to recognise and reward individuals who are committed to driving value creation for all stakeholders through their continued and consistent performance. By making employees owners, they get an opportunity to be beneficiaries in the long term success of the company and realise the results of their work and dedication.”

The board’s recommendations are subject to the shareholders approval.

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