According to a recent filing with the Securities and Exchange Commission in the US, Wipro Chairman Rishad Premji received an almost 50% paycut for the financial year 2023.
For the fiscal year that ended in March 2023, Rishad Premji got a total pay of $951,353, which is less than half of the $1,819,022 he received in the previous fiscal year. Premji got $861,620 in salary and allowances, $74,343 in long-term compensation benefits, and $15,390 in other revenues, according to Wipro’s Form 20-F submission.
In addition to his salary, Premji additionally gets a commission of 0.35% on increased consolidated net profits. He didn’t get this commission this year because the increased consolidated net earnings for the fiscal year 2023 were negative.
The executive chairman of Wipro has already reduced his remuneration; according to CNBC, he also took a 31 percent pay reduction during the epidemic. He received $0.68 million in compensation for the 2019–20 fiscal year, down from $0.98 million the year before.
Executive Chairman of Wipro Limited, an $11 billion worldwide provider of consulting, business process outsourcing, and information technology services with over 250,000 staff members across six continents, is Rishad Premji.
Before taking the position of Executive Chairman in 2019, Rishad joined Wipro in 2007 and served in a variety of capacities. He began his career at Wipro as a general manager in the Banking and Financial Services division. After leading Investor Relations, he oversaw the Strategy and M&A department. Rishad developed Wipro Ventures, a $250 million fund to invest in start-ups creating technology and solutions that bolster Wipro’s companies with cutting-edge services and goods. In his role as Wipro’s Chief Strategy Officer. Additionally, he was in charge of the business’s interactions with investors and the government.
In addition to his fixed income, Mr. Premji received a cash bonus as part of his pay; however, he was not given any stock options for the fiscal year 2023.
On July 30, 2024, Mr. Premji’s current five-year tenure as Executive Chairman of Wipro Limited will come to an end.
Before taking the position of Executive Chairman in 2019, Rishad joined Wipro in 2007 and served in a variety of capacities. He began his career at Wipro as a general manager in the Banking and Financial Services division. He later oversaw Investor Relations before overseeing Strategy and M&A.
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