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BENGALURU: Cognizant CEO Ravi Kumar S acquired $22.5 million as compensation for FY23, as proven in the corporate’s 2024 proxy assertion submitting with the US Securities and Exchange Commission. Kumar, who beforehand served because the president of Infosys, assumed the position of CEO at Cognizant in January of the earlier yr.
Cognizant’s monetary efficiency in 2023 was underwhelming, with the corporate reporting a 0.3% decline in fixed foreign money income, amounting to $19.4 billion.This lackluster efficiency was partly because of the ongoing weak spot in demand that has been affecting the IT sector as an entire.
The disparity between CEO pay and worker compensation is putting, with the CEO pay ratio in comparison with staff primarily based in India standing at 1647:1, and the worldwide median worker’s annual complete compensation ratio being 556:1. The median annual worker compensation in India is $13,735, whereas the worldwide median annual compensation is $40,660. This widening wage hole, together with the current announcement of Cognizant deferring increments by 4 months, has not been well-received by the agency’s staff.
Kumar’s predecessor, Brian Humphries, acquired a complete SEC compensation of roughly $4.2 million in 2023, which consisted of his base wage via the efficient date of his termination on March 15 final yr. Kumar’s 2023 SEC compensation of $22.5 million was considerably larger than his goal direct compensation because of the inclusion of the one-time awards that he acquired upon changing into the CEO of the corporate.
Cognizant’s monetary efficiency in 2023 was underwhelming, with the corporate reporting a 0.3% decline in fixed foreign money income, amounting to $19.4 billion.This lackluster efficiency was partly because of the ongoing weak spot in demand that has been affecting the IT sector as an entire.
The disparity between CEO pay and worker compensation is putting, with the CEO pay ratio in comparison with staff primarily based in India standing at 1647:1, and the worldwide median worker’s annual complete compensation ratio being 556:1. The median annual worker compensation in India is $13,735, whereas the worldwide median annual compensation is $40,660. This widening wage hole, together with the current announcement of Cognizant deferring increments by 4 months, has not been well-received by the agency’s staff.
Kumar’s predecessor, Brian Humphries, acquired a complete SEC compensation of roughly $4.2 million in 2023, which consisted of his base wage via the efficient date of his termination on March 15 final yr. Kumar’s 2023 SEC compensation of $22.5 million was considerably larger than his goal direct compensation because of the inclusion of the one-time awards that he acquired upon changing into the CEO of the corporate.
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