Infosys promotes 2,600 in Q1
Infosys has promoted over 2,600 employees and executives across the company and increased its overall variable payout in the June quarter after turning in one of its best quarterly performances in five years. India's second largest software exporter on Tuesday also confirmed elevation of Finacle and EdgeVerve head Michael Reh, BPO head Anup Uppadhayay and consulting head Sanjay Purohit to the rank of executive vice president. Two people familiar with the development said Infosys is handing out average variable payouts of 80% across the board in the June quarter, compared to the 70% in the March quarter and 100% in December quarter. "This quarter the variable payout was higher than last quarter and the company exceeded its revenue target, but they fell short on margin targets — which is why 100% payouts were not given out this time," one of them said. An Infosys spokeswoman confirmed that the company had handed out 2,600 promotions during the quarter and about 80% of th...