Pai backed the founders in their concerns over bounty severance pay and compensation hikes.
A day after reports of a possible divide between Infosys CEO Vishal Sikka and its founders emerged, ex-CFO of the IT major backed the founders in their concerns about a bounty severance pay and compensation hike.
Mohandas Pai, former chief financial officer of the IT company, while referring to the Rs 17.3 crore severance pay given to ex-CFO Rajiv Bansal, said that as far as he knew, no CFO was given 24-months' worth of severance pay, according to a report in The Economic Times.
"And (earlier) CFOs have left the company and they have not got any separation. There is no case for a special treatment for anybody. And the management cannot be generous with shareholder money because it's not their money. It's a serious lapse which should be looked into by the board," Pai was quoted as saying in the Economic times report.
He also raised concerns over high salary and high severance payments made to former general counsel David Kannedy, who was with the company for a very short time.
Commenting on Sikka's compensation which was hiked in 2016 when his term was also extended by two years, he said, "From April 2011 till January 2017, the shareholder value has not increased at all and the market capitalisation of the Bengaluru-based IT major has also remained at the same level during the period.
"And shareholders have not benefited from high salaries paid to people. And if you look at how shareholders have suffered in the last five years compared to the salaries paid to the management now and what was paid to the management earlier, the high compensation paid to people is excessive," he said.
Pai called for the company's board to answer all the questions clearly and not hide behind a generic statement like, 'all the decisions were taken in the interest of the company'.
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