The Wipro CEO and MD’s compensation package includes a one-time cash award.
According to the company’s annual report, Thierry Delaporte, Chief Executive Officer and Managing Director of Bengaluru-based IT behemoth Wipro earned $10.5 million in FY22.
According to the 2020-21 report, his pay package included $1.7 million in salary and allowances, $2.5 million in commissions/variable pay, over $2 million in long-term compensation or deferred benefits, and $4.1 million in other variables.
The Wipro CEO and MD’s compensation package includes a one-time cash award. Deferred benefits are paid out through provident funds and social insurance (health and retirement funds), as appropriate. Delaporte’s tenure as Wipro’s CEO and Managing Director will last five years, from July 6, 2020, to July 30, 2025. He currently owns 118,000 shares of stock.
What happens to Delaporte’s salary if he leaves Wipro as CEO and MD?
“If his employment is terminated by the Company without Cause,” the report states, “the Company is required to pay Delaporte severance pay of 12 months’ base salary as last applicable when in service, payable over a 12-month period following the date of termination.” These payments will be terminated if Delaporte obtains new employment or becomes a consultant to any company within the next 12 months.”
During the same time period, Wipro chairman Rishad Premji received an annual salary of $1.8 million. This includes $1.1 million in salary and allowances, $634,487 in commissions/variable pay, $63,918 in deferred benefits, and $1,255 in other benefits. In FY22, he received no stock options. Premji, on the other hand, owns 1.7 million equity shares.
Wipro shares were trading 3.88 percent lower on the BSE during early trade hours on Friday, at Rs 456.65.
