News: Cognizant top honchos get lucrative rewards

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Cognizant top honchos get lucrative rewards

Chennai: IT giant Cognizant has decided to reward its top management cadre with lucrative bonuses this year. Cognizant, in its 8k filings with the US SEC, said, “The 2010 yearly cash incentive bonuses will be awarded to the individuals who serve as the company’s President and Chief Executive Officer, Chief Financial and Operating Officer and Treasurer, President and Managing Director, Global Delivery, Chief Operating Officer, Global Client Services and Senior Vice President, General Counsel and Secretary (the ‘Named Executive Officers’), in accordance with the company’s previously disclosed non-equity incentive bonus program.” Cognizant, has also increased the base salaries of these members for the year 2011. All the top five management members have been given a bonus of 189%. Reiterating its strong presence in the IT sector, the company has surprised all industry experts by declaring a 43% rise in fourth quarter net profit

Chennai: IT giant Cognizant has decided to reward its top management cadre with lucrative bonuses this year. Cognizant, in its 8k filings with the US SEC, said, “The 2010 yearly cash incentive bonuses will be awarded to the individuals who serve as the company’s President and Chief Executive Officer, Chief Financial and Operating Officer and Treasurer, President and Managing Director, Global Delivery, Chief Operating Officer, Global Client Services and Senior Vice President, General Counsel and Secretary (the ‘Named Executive Officers’), in accordance with the company’s previously disclosed non-equity incentive bonus program.” Cognizant, has also increased the base salaries of these members for the year 2011. All the top five management members have been given a bonus of 189%. Reiterating its strong presence in the IT sector, the company has surprised all industry experts by declaring a 43% rise in fourth quarter net profit
There may be reason for cheer for other employees as well, as rich bonuses for top management indicate a similar trend for other staff. Incidentally the IT magna had given top performers a bonus of 200% last year.
With cut throat competition in the IT segment, Cognizant seems to be catching up with other tech biggies like TCS, Infosys and Wipro. Interestingly in the company’s forecast for 2011, it is expecting revenues to be at least $5.79 billion, up by 26% as compared to 2010 and foresees first quarter 2011 revenues to touch $1.36 billion.  

Topics: #Updates, #TotalRewards, Compensation & Benefits

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