IT major Cognizant has rewarded its top brass with bonuses and salary raises for calendar year 2010 as it closes the gap with India’s third-biggest software exporter Wipro.
The company beat analysts’ expectations to post a 43% rise in fourth quarter net profit backed by strong demand and positive vibes in the IT market.
Cognizant, in its 8k filings with the US SEC , said: "The 2010 annual cash incentive bonuses will be awarded to the individuals who serve as the company’s President and Chief Executive Officer, Chief Financial and Operating Officer and Treasurer, President and Managing Director, Global Delivery, Chief Operating Officer, Global Client Services and Senior Vice President, General Counsel and Secretary (the ‘Named Executive Officers’), in accordance with the company’s previously disclosed non-equity incentive bonus program."
Cognizant, which topped market estimates, has also increased the base salaries of these members for calendar year 2011. All the top five management members have been given a bonus of 189%. President and CEO Francisco D’Souza has got a bonus of $816,968 and his base salary has been revised to $566,500 for 2011 from $539,100 in 2010.
CFO Gordon Coburn will take home a bonus of $735,286 and a salary increase of $510,00, a rise of 95% compared to the previous year.
Ramakrishnan Chandrasekaran, president and managing director, Global Delivery will be given a bonus of $255,350 and his base salary would now be $1,77,000 ($1,68,500).
The company also rolled out bonus and raised base salaries of Rajeev Mehta, the chief operating officer for Global Client Services, and Steven Schwartz, senior vice president, general counsel and secretary.
The Nasdaq-listed company, which competes with TCS , Infosys and Wipro, will be doling out bonuses for its employees during the second week of March.
The company beat analysts’ expectations to post a 43% rise in fourth quarter net profit backed by strong demand and positive vibes in the IT market.
Cognizant, in its 8k filings with the US SEC , said: "The 2010 annual cash incentive bonuses will be awarded to the individuals who serve as the company’s President and Chief Executive Officer, Chief Financial and Operating Officer and Treasurer, President and Managing Director, Global Delivery, Chief Operating Officer, Global Client Services and Senior Vice President, General Counsel and Secretary (the ‘Named Executive Officers’), in accordance with the company’s previously disclosed non-equity incentive bonus program."
Cognizant, which topped market estimates, has also increased the base salaries of these members for calendar year 2011. All the top five management members have been given a bonus of 189%. President and CEO Francisco D’Souza has got a bonus of $816,968 and his base salary has been revised to $566,500 for 2011 from $539,100 in 2010.
CFO Gordon Coburn will take home a bonus of $735,286 and a salary increase of $510,00, a rise of 95% compared to the previous year.
Ramakrishnan Chandrasekaran, president and managing director, Global Delivery will be given a bonus of $255,350 and his base salary would now be $1,77,000 ($1,68,500).
The company also rolled out bonus and raised base salaries of Rajeev Mehta, the chief operating officer for Global Client Services, and Steven Schwartz, senior vice president, general counsel and secretary.
The Nasdaq-listed company, which competes with TCS , Infosys and Wipro, will be doling out bonuses for its employees during the second week of March.
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