Cognizant Technology exceeded growth targets by 21% last year, and rewarded its top executives like they do in dreams

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Cognizant Technology exceeded growth targets by 21% last year, and rewarded its top executives like they do in dreams
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Because of a brilliant performance in 2015, Cognizant Technology Solutions has rewarded its top management with hefty bonuses and executive compensation packages. In 2015, the Nasdaq-listed software services and consulting firm grew at a roaring speed, overshadowing all its Indian rivals like Infosys and TCS.

The stellar performance met with Cognizant’s CEO Francisco D'Souza and his top team receiving 142% of their target bonuses for the year, which also led to a significant addition in their annual pay packages.

The last financial year resulted in the company exceeded its 2015 target with a 21% increase in revenue, as opposed to the Indian counterparts struggling to grow in single digits.

As per reports, Francisco D'Souza earned about $11.95 million last year, and thus became one of the highest-paid CEOs along with Vishal Sikka of Infosys, N Chandrasekaran of TCS and Abidali Neemuchwala of Wipro.

"The compensation committee set the 2015 target awards for the named executives at a level equal to 85% of the named executives' base salaries," Cognizant said in the regulatory filing.
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Based on the company's results, "the committee determined that performance under the annual cash incentive programme had been achieved at a level equal to 142% of the target award," it said.

There were also some changes in the stock compensation programme for its top executives, along with a two-year performance measurement period, which would replace the existing one-year clause.


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