The Infosys board has offered CEO Vishal Sikka a new contract that will see his tenure continue until 2021, with changes in annual compensation.

Sikka, who took over the reins of India’s second-largest exporter in June 2014, was initially given a five-year term as CEO until June 13, 2019. His new contract runs from April 1, 2016 to March 31, 2021, according to a filing with the exchanges. The announcement came after market hours.

The board said it has recognised Sikka’s outstanding contribution towards restoring the company to an industry leadership position.

“The management under the leadership of Sikka has drawn up goals for revenue, margins and people productivity for 2021-22, which are expected to be progressively achieved in the next five years. The board believes that Sikka’s leadership is essential to achieve these goals. Hence, the board recommends that Sikka’s present contract of employment be replaced with a new contract that is fully aligned to the period and goals as well as for shareholder value creation,” said the company in a statement.

Infosys said that it would also revise Sikka’s annual compensation. His annual package is around $7 million, which includes stock options.

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