iGate CEO Phaneesh Murthy 2011 Salary Tripled

iGate CEO Phaneesh Murthy 2011 Salary Tripled

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Asia Bizz: The total compensation of Phaneesh Murthy nearly tripled after the iGate’s acquisition of Patni last yeat. US market regulator Securities and Exchange Commission says that Murthy, who was the CEO of iGate prior to the acquisition and now the CEO of the combined entity, took along $8.82 million in the year 2011 as compensation.

This also included a 181% rise over the previous year’s $3.14 million, in addition to an increase in the termination notice and the severance period – from six months to twelve months after filing the adds. The annual bonus is determined by the compensation committee and is based on the company’s achievement of certain revenue and EPS (earnings per share).