IT services major Infosys today said it has elevated its newly appointed President U B Pravin Rao as a whole-time Director in the company's Board till 2019. Earlier this month, in a major rejig at India's second largest software services firm, Rao was appointed President along with BG Srinivas.
He currently heads retail, consumer packaged goods and logistics, life sciences, resources and utilities, services, growth markets, cloud and mobility, quality and productivity and Infosys Leadership Institute.
As a whole-time director for five years, Rao will be paid over Rs 53 lakh in salary annually, besides incentives like performance and long-term bonus as well as allowances.
In a filing to the BSE, Infosys said Rao has been appointed for "five years beginning January 10, 2014 and ending January 9, 2019, subject to the retirement policy applicable to the Board of Directors of the company".
His salary per month will be Rs 4.48 lakhs in the scale of Rs 4.45-8 lakhs per month, it added. Rao will also be eligible for bonus, up to a maximum of 20 per cent of the salary, payable at intervals decided by the Board.
Besides, he will get a performance bonus and long term bonus payable at intervals decided by the Board, the filing said.
While Srinivas will focus on global markets, Rao will look after global delivery and service innovation, at the Bangalore-based firm.
Industry observers have said that Srinivas and Rao are being groomed to take over the top job when Infosys CEO and MD S D Shibulal retires in 2015.
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