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Within six months of joining iGATE as CEO, Ashok Vemuri will get a performance bonus of $ 175,000 (about Rs 1.10 crore) for his strategic initiatives, which helped the US-based outsourcer grow revenues by over 10 per cent in the December quarter.
Vemuri, who joined the US-based outsourcing firm in September last year, will get $ 28,000 in recognition of his strategic initiatives and speed of implementation during 2013, iGate said in a filing to the SEC. This is in addition to the annual performance based incentive of $ 147,000, it added.
Besides, the company’s compensation committee approved Vemuri’s annual performance-based incentive compensation for 2014 with a target annual bonus of $ 500,000.
The actual annual bonus payable to Vemuri for 2014 will be based upon the company’s achievement of certain revenue, EPS (earnings per share) and EBITDA (earnings before interest, tax, depreciation and amortisation) targets set by the compensation committee, iGATE said.
This could range from 0-200 per cent of the performance based compensation target, it added.
Vemuri joined iGATE on September 16, 2013 after its former CEO Phaneesh Murthy was sacked for not disclosing a relationship with a subordinate.
Vemuri, employed initially for a five-year term, will get an annual base salary of $ 1.3 million along with an annual cash bonus.
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