Dalal is expected to take charge at Cognizant in December 2023. He will leave Wipro on November 30 this year.
Former president and CFO of Wipro, Jatin Dalal, who has joined Cognizant as its CFO, will take home a base salary of $750,000 per annum, more than double of what he used to draw at Wipro.
As per the offer letter given to Dalal by Cognizant, his total compensation is $5,200,000 per annum, five times of what he got in Wipro. In FY23, Dalal saw his compensation reduced by 32% like other Indian CXOs for weak performance of their companies. His compensation for FY23 was about $1.08 million, against $1.6 million that he received in FY22.
Dalal is expected to take charge at Cognizant in December 2023. He will leave Wipro on November 30 this year.
In a filing with Securities and Exchange Commission (SEC), Cognizant said that apart from the base salary of $750,000, Dalal will receive an annual bonus of 1x base salary ($750,000) in accordance with the terms of the company’s annual cash incentive compensation program.
The IT giant will also give performance-based restricted stock units (PSUs), vesting over a three-year period with a grant date fair value equal to $1,850,000 and time-based restricted stock units (RSUs) with a grant date fair value equal to $1,850,000.
Dalal will be entitled to 25 days of personal leave per year. Cognizant will secure a US visa for Dalal to work in the US. In case the company is unable to obtain work authorisation in US, Dalal will have to work from UK and the offer letter will be revised to reflect the changes.
The filing stated that under the terms of the offer letter, Dalal will enter into an executive employment and non-disclosure, non-competition and invention assignment agreement.
Dalal will report to Ravi Kumar S, CEO, Cognizant, and will succeed Jan Siegmund, who had announced his retirement earlier. Siegmund will leave Cognizant in early 2024. Upon Dalal’s assumption of the role of CFO, Siegmund will remain with the company as a non-executive officer and special advisor to support an orderly transition.
Source:financialexpress.com