Cognizant Technology Solutions President and Chief Executive Francisco D'Souza received a 2008 compensation package valued at more than $6.5 million, according to an Associated Press analysis of figures released in a regulatory filing.
That more than doubled the total from a year ago, as the technology consultant posted stronger profit even as the economy tumbled.
D'Souza, 40, received a base salary of $518,400, about 20 percent higher than his 2007 salary. He received a performance-based cash bonus of $260,387, about 25 percent less than the prior year.
Other compensation included $6,900 in matching 401(k) contributions, about 11 percent below 2007.
Most of D'Souza's total compensation came in the form of equity grants. He received restricted stock units, valued at just under $2.9 million on the dates they were granted, and stock options valued at $2.9 million on the date they were granted.
In 2007, D'Souza received stock and options valued at about $2.4 million.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.
While many companies saw their earnings suffer as the recession deepened, Cognizant Technology Solutions turned in a strong performance in 2008. For the full year, Cognizant earned $430.8 million, or $1.44 per share, compared with $350.1 million, or $1.15 per share, in 2007.
On an adjusted basis, Cognizant earned $1.59 per share.
The company's revenue rose 32 percent to $2.82 billion from $2.14 billion in 2007.
Share prices didn't fare as well. The stock lost nearly 47 percent in 2008, closing the year at $18.06. It has since regained much of that loss, closing Friday at $23.38, up about 29.5 percent since the start of the year.
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