Bengaluru: Cognizant Technology Solutions Corp. S growth of eight.6% in calendar 12 months 2016 the slowest within the history of the Nasdaq-indexed organization harm its senior management ranks which include leader govt officer Francisco D Souza whose reimbursement closing 12 months fell by using a pointy 31%. D Souza took home eight.26 million against eleven.Ninety five million in 2015. Cognizant s subdued overall performance closing year along with the employer moving the grant of restricted inventory gadgets (RSU) to its senior management from the fourth quarter of ultimate yr to the first
http://www.informationweek.com/profile.asp?piddl_userid=253496 sector of this calendar 12 months in addition hit the profits of different senior control contributors consisting of president Rajeev Mehta and leader economic officer Karen McLoughlin. Mehta and McLoughlin noticed their repayment drop by means of 30.5% and 30% respectively final yr as compared to 2015 in step with filings made to the USA Securities and Exchange Commission.ALSO READ: As US visa problems deepen extra Indians look to come back backCognizant s eight.6% increase in 2016 paled in contrast with the 21% increase it posted in 2015 underlining a broader slowdown witnessed by way of generation outsourcing organizations that are combating to keep themselves relevant. Newer technologies like cloud computing and information analytics are making the largest Fortune one thousand businesses throughout industries cut reliance on traditional answers offered underneath utility improvement and protection by way of generation outsourcers.For this reason leader executives are seeing a fall in their repayment. Vishal Sikka CEO of Infosys Ltd noticed his compensation for 2016-17 decline eight.1% to 6.8 million from 7.4 million earned in 2015-16 after the company s boom slipped to 7.4% compared to 9.1% in 2015-sixteen.D Souza son of an Indian diplomat has been on the helm of Cognizant for over a decade. Since he took over as CEO in January 2007 Cognizant has grown from a 1.4 billion business enterprise to quit ultimate yr with 13.5 billion in sales overtaking each Infosys and Wipro Ltd.Starting in 2010 Cognizant introduced over 1 billion in new revenue or incremental sales every year for seven immediately years a feat handiest matched through Tata Consultancy Services Ltd. Varun SoodTopics: Cognizant Francisco D Souza Cognizant CEO earnings pay reduce Infosys
ALSO READ Infosys CEO Vishal Sikka s Rs forty nine cr salary is highest amongst peers Infosys Q4 numbers move off beam CEO Vishal Sikka s pay drops forty% The Infosys hassle: Sikka s pay company governance and disappointed founders Infosys founders raise a stink on governance question Vishal Sikka s pay span.P-content div identification =div-gpt line-height: 0px; font-size: 0px; Cognizant Technology Solutions chief executive Francisco D Souza noticed his overall performance bonus dip 20 in keeping with cent in 2016 because the software program exporter slipped on targets and confronted traders ire over its enterprise model. The US-established company with a large offshore base grew its revenue eight.6 in step with cent to 13.49 billion in 2016 decrease than its projection of 10-14 in line with cent. D Souza saw his coins payout reduce to 450 332 from the focused 564 655 for the year in step with regulatory filings on Friday. However his base pay accelerated 3 in keeping with cent to 664 300 for 2016. Sixty three in keeping with cent of his annual repayment is linked to performance. Besides slowing commercial enterprise Cognizant noticed activist investor Elliott Management soliciting for alternate in enterprise version soliciting for company to repay investors coins and in search of exchange in board composition to deal with destiny challenges. In January the organisation complied with the plea. Senior executives of Cognizant got lesser variable pay due to vulnerable overall performance towards its very own target. In 2015 D Souza got a hundred and forty per cent of his variable pay because of 21 per cent increase in revenue. In 2016 Cognizant performed posted eight.6 in step with cent boom in revenues higher than Tata Consultancy Services (6.2 in line with cent) and Infosys (7.Four per cent). D Souza joins Vishal Sikka chief government of Infosys in taking domestic smaller package deal due to shift in commercial enterprise situations.
https://moz.com/community/users/10529515 Sikka s annual reimbursement dropped 40 according to cent on poor enterprise performance while he struggled to push for massive offers. Sikka took domestic 6.7 million in FY17 in opposition to the shriveled eleven million as he slipped on his target of double-digit increase. Sikka has a hard and fast pay of 3 million the remaining being variable based on overall performance objectives. He earned a repayment of seven.08 million in the previous financial year. Cognizant in its disclosure to the USA regulator said it's miles introducing a brand new incentive plan that might offer employees and directors shares as opposed to coins so that their performance is linked to universal corporation increase. The plan might be powerful from June after shareholders approval.
PUNE: A hard 12 months for the IT enterprise resulted in a muted growth in repayment for the senior management at Cognizant Technology Solution. As according to an SEC submitting CEO Francisco D Souza s annual repayment extended marginally from eleven.951 million in 2015 to 12.030 million which include total reimbursement beneath SEC rules and RSU presents. Similarly Rajeev Mehta who had taken over as president in September 2016 following the resignation of Gordon Coburn acquired 7.09 million as against 6.Fifty four million in 2015. While the bottom revenue went up marginally by way of underneath 5% the variable pay obtained for maximum was inside the 70-eighty% variety. The organisation stated annual revenues of 13.49 billion for 2016 up through eight.6% over 2015 after reducing steering thrice in the course of the year. The yr 2016 has been hard for the IT offerings agency and enterprise as a whole which is struggling with multiple demanding situations from the H-1B visa problem to automation. Cognizant recently introduced that it had reached an settlement with activist investor Elliott Management which has a four% stake within
http://www.seobook.com/user/z4root the organisation to go back three.4bn to shareholders over the next years thru a combination of proportion repurchase and dividends.
NEW DELHI: Conduent Inc a enterprise process outsourcing organisation carved out of printing large Xerox has filed a lawsuit against outsourcing fundamental Cognizant Technology Solutions alleging breach of agreement and fraud action in a court docket inside the nation of New York. The NYSE-listed organisation helmed via former Infosys government Ashok Vemuri seeks to recover damages of over one hundred fifty million via the litigation filed on April 12. The forty five-page lawsuit become reviewed by way of ET and factors to a decade-long operating dating among the two groups. Conduent brings this breach of contract and fraud movement to get better its damages proximately as a result of Cognizant the BPO company said. The dispute between the 2 relates to a venture by using the country of New York which sought to replace its digital processing machine for Medicaid claims termed the New York Medicaid Management Information System (NYMMIS). The request for idea or RFP for the venture became issued in June 2013. Cognizant s continual and gross mismanagement failure to carry out and forget about to observe even the most rudimentary software development strategies belie an organisation that claims the highest stages of professional certifications Conduent said in its law in shape. A consultant for Cognizant stated Conduent s claims have no merit and Cognizant will vigorously shield the case and counterclaim for damages in an emailed reply to queries from ET. The IT outsourcing firm which has its fundamental improvement centres in Chennai -- was hired by means of Conduent as a subcontractor on one among its tasks. The lawsuit is the end result of an ongoing contractual dispute between the two organizations stemming from that undertaking such as Conduent s failure to pay Cognizant for a lot of the paintings that it completed the Cognizant spokesperson wrote. Cognizant has served as a technology accomplice with Conduent on worldwide IT offerings and BPO answers initiatives for over ten years. The regulation healthy claims that Conduent and Cognizant accomplished a grasp outsourcing offerings settlement with an powerful date of October 24 2012 and that consistent with the terms of that settlement Cognizant has been paid in excess of 680 million. Under the grasp agreement a series of work contracts had been completed. A spokesperson for Conduent said the enterprise will now not touch upon pending litigation . The emailed reply to ET s queries showed submitting of the lawsuit on April 12 2017 in the State of NY (New York) seeking damages in extra of a hundred and fifty million in opposition to Cognizant Business Services Corporation for breach of agreement. An IT analyst with a huge consultancy firm stated that instances of enterprise litigation are commonplace in the US in which the defence is also very aggressive. I think it is a part of any enterprise and not unusual to have customers suing providers for not assembly contractual terms stated the analyst asking for anonymity due to the fact the problem relates to a felony in shape. If the quantity is large then meaning the seller may have to provide disclosure on what s the real opportunity of the claim coming through and if the vendor is also going to vociferously defend its role he stated. This isn't always the only case where a consumer has sued an Indian software program services provider these days. In March HCL Technologies turned into sued for one hundred million by way of its customer MillerCoors for alleged breach of contract. The Chicago-situated brewer claimed that the Indian IT corporation didn't meet undertaking cut-off dates and personnel the project in a healthy filed in a federal court docket in Illinois on March 13. India s biggest software offerings firm Tata Consultancy Services (TCS) was additionally sued in 2013 via US district Orange County. The litigation was over alternative to the County s computerized belongings tax gadget that to start with changed into to had been completed in 2010 however was now not brought. The corporation subsequently settled the healthy for 26 million in 2016. After its separation from Xerox Conduent claims that it has turn out to be the world s biggest natural-play BPO firm with about 6.7 billion in annual sales.
Infosys Tata and Cognizant quoted in a White House history briefing on H1B visas?That s proper.Exhaustive and sharply focused wide variety crunching has gone into Trump s state-of-the-art government order calling for a sweeping overview of the H1B visa. India s top tech companies had been cited in a White House briefing wherein Administation officials made the American case approximately India s pinnacle agencies gaming the H1B lottery system to corner a lion s percentage of visas.Link: Full text of White House heritage briefing on H1BAdministration officials clarified that this does not amount to a criticism of those businesses however of the way the H1B software is run. It s springtime for the anti-H1B squad/ ReutersEvery stakeholder in the H1B visa tale of 2 a long time has a view on the coolest horrific and ugly aspect of this brief paintings allow and right now the view with the most voice percentage is Trump s crack team working additional time on the messaging of the H1B overhaul.The crux of their argument is that this: Just to illustrate a little bit greater how the lottery works -- so some agencies many times are known as outsourcing firms. You can also recognize their names well but just like the pinnacle recipients of the H1B visa are agencies like Tata Infosys Cognizant -- they will apply for a very big wide variety of visas more than they get by using placing extra tickets in the lottery raffle if you will and then they ll get the lion s proportion of visas. Which is very exclusive than I assume how the general public consider the H1B software -- they believe it for extra -- being for -- again they might think of it as being for professional home paintings as opposed to agreement work. In different phrases a small quantity of large outsourcing agencies flood the device with programs which obviously usatheir probabilities of fulfillment. Take for example a start up which needs 2 H1B people and places in 2 packages - what chance does this business enterprise have when it s up in opposition to a huge outsourcing gig that applies for 14 000 visas?Responding to a observe up on why the Indian corporations have been singled out for point out the White House reaction: No I suggest those are the pinnacle three recipients of H1B visas. And the ones three agencies are businesses which have an average wage for H1B visas between 60 000 and 65 000. By assessment the median Silicon Valley software program engineer s wage might be round one hundred fifty 000. So it simply illustrates the point that I turned into walking you via about how H1B visas are presented -- when you have contracting corporations that are not competencies employers that frequently use people for entry-stage positions and that they seize the lion s proportion of H1B visas. And that s all public report. Top immigration attorney Cyrus Mehta told Firstpost that the definition of low wage is tricky on many fronts. Primarily he feels that the criticism of low wages that s being bandied around isn't always accounting for regional differences. An company has to pay the triumphing wage but if the location is junior and also you pay the entry salary it s okay. It is criminal to pay that prevailing salary depending on which role you're hiring for. A techie in Wisconsin and a techie in Silicon Valley will now not be earning the same there will be a distinction. Additionally a totally senior degree H1B worker in Wisconsin can be earning much less than a junior degree individual in Silicon Valley he told Firstpost. They re now not factoring in nearby differences. Mehta spoke in an extended ranging discussion on H1B visas after the Trump government order - you could capture that conversation here.Mehta s factor approximately salary levels and seniority did arise within the Q and A at the White House too.In answer officers whipped out an armoury of numbers and countered. Although the White House numbers do no longer answer Mehta s factor they definitely resonate for Trump s center vote base: many people will be surprised to understand that approximately eighty percentage of H1B employees are paid less than the median wage in their fields. Only about five to six percentage depending on the yr of H1B workers command the best wage tier recognized via the Department of Labor there being four salary tiers. And the best wage tier for instance in 2015 turned into simplest 5 percentage of H1B workers. So 80 percent obtain much less than the median wage and handiest 10 percentage receive the median salary. And so simplest five percentage had been categorised at the very best salary tier of the 4 salary stages which are in area for the H1B guest worker visa. The end result of that is that employees are regularly introduced in nicely underneath market prices to update American people again form of violating the principle of this system which is meant to be a way for bringing in skilled labor and rather you re bringing in quite a few times people who are clearly much less professional and lower paid than the people that they re changing officials stated.Mehta defined that if median salary becomes the gold popular then organizations will have to begin paying that median wage once it is written into regulation. And that s precisely what the Administration appears to be partially heading off with their H1B movements thus far - extra administrative checks and much less legislative overheads.Remember that there are four salary levels for H1B employees and depending on which city you are calculating for the wage might exchange.Trump has tasked some other multi billionaire in his Cabinet - Commerce Secretary Wilbur Smith with the activity of filing a file inside 220 days this means that roughly around Thanksgiving time in America after which the Christmas season follows and it s anyway a lean time for authorities folks. All that is if Ross takes all of 220 days to submit the document. Knowing Secretary of Commerce Wilbur Ross don t be amazed if some of the ones suggestions are available in well before the 220-day cut-off date White House officials stated.#H1b#H4#Immigration#Trump#Visas
CHENNAI: In a year that saw IT offerings large Cognizant lower its guidance three times the organization s top officers saw overall compensations take a success as well. Francisco D Souza CEO bagged a total compensation (consists of overall reimbursement as according to SEC regulations and goal fee of RSU grants) of 12.03 million in 2016 .661% higher than 2015 s eleven.95 million. Rajeev Mehta who become appointed president after Gordon Coburn resigned in September final 12 months took domestic a repayment of .7.09 million eight% higher than remaining yr s 6.54 million. Coburn s compensation noticed a 36% fall from 2015 leaving him with four.49 million. Karen McLoughlin CFO Cognizant also saw general repayment drop by way of nearly 2% from 3.70 million in 2015 to 3.Sixty three million. All pinnacle executives saw nearly 40% drop in their non-equity incentives for 2016 reflecting the corporation s laggard performance. While all the top officials in Cognizant saw a three-5% increase in base earnings for 2016 the lackluster performance of the corporation noticed their coins incentives that are pegged to enterprise performance fall to approximately seventy five-78% of their target pay. For the calendar yr 2016 the corporation registered sales of 13.Forty nine billion up 8.6% from 12.Forty two billion for 2015. Cognizant additionally introduced a raised guidance for 2017 estimating revenue to be in the variety of 14.56 billion to fourteen.Eighty four billion. The year 2016 has visible all main IT services groups combatting macro-economic conditions and tightening IT budgets. Infosys which is battling internal issues with founders criticising its MD and CEO Vishal Sikka s governance style has expected its increase to be
https://kenai.com/people/204712-fiorisap round 6.5-8.Five% in regular forex terms decrease than Cognizant s anticipated boom fee at 8-10% for 2017. While TCS doesn t offer an annual guidance Wipro is predicted to announce in this fall outcomes subsequent week. Cognizant has confronted flak from numerous investors ever since it announced in September 2016 that it changed into a part of a probe for abnormal bills made towards positive centers in India. In a primary for Cognizant the organization introduced a plan to go back 3.4 billion to its shareholders over the next two years via share repurchase and dividends after facing strain from investor Elliott Management (Elliott) which holds 4% stake inside the company.
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