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Cognizant Technology Solutions, the Nasdaq listed software company, has nearly doubled its bonus amount to its top executives for the year 2010. While the company had in the beginning of the year planned to give 80 per cent of the base salary on a benchmarked target as bonus amount, the bonus actually paid was nearly twice the ‘target bonus.'
Officials
The top officials paid the increased bonus amount were Mr Francisco D'Souza, President and CEO, Cognizant; Mr Gordon Coburn, Chief Financial Officer; Mr R. Chandrasekaran, President and Managing Director, Global Delivery; Mr Rajeev Mehta, Chief Operating Officer, Global Client Services, and Mr Steven Schwartz, Senior Vice-President, General Counsel and Secretary.
In a filing with the Securities and Exchange Commission, US, Cognizant has said while the target 2010 bonus amount for Mr D'Souza was $421,280, the actual amount was $816,968. It was a similar increase for other officials.
Meanwhile, for the year 2011, the company has increased the base salaries for the officials as compared with 2010.
It has also increased the bonus rate to 85 per cent of the base salary from 80 per cent in 2010.
Cognizant, which has offshore development centres in India, reported a 43 per cent increase in net profit to $206 million in the fourth quarter ended December 31, 2010, against $144 million in the same period last year.
Cognizant's revenue for 2010 increased to $4.59 billion, up 40.1 per cent from $3.28 billion for 2009.
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