Wipro CEO to take home Rs 50 crore as annual pay
NEW DELHI: Wipro’s new CEO Srinivas Pallia will receive an annual remuneration of up to $6 million (about Rs 50 crore), according to a regulatory filing by the Bengaluru-headquartered IT company.
Earlier in April, Wipro announced the appointment of Pallia as its new CEO and MD, following the sudden resignation of Thierry Delaporte . Delaporte’s annual salary of over Rs 80 crore at Wipro had made headlines last year.
According to a Wipro filing related to notice of postal ballot, Pallia’s remuneration will range between $3.5 million and $6 million per annum (at the lower and upper end of basic and target variable pays).
‘’... the consent of the members be and is hereby accorded for the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company, to hold office for a period of five years with effect from April 7, 2024 to April 6, 2029, on the terms and conditions of appointment, including payment of remuneration with effect from April 7, 2024...,’’ the notice of postal ballot said, outlining the basic and variable elements of the remuneration. On the target variable pay, the company said the actual payout will vary based on the organisation level achievement on parameters of revenue and profit, and such other criteria as may be determined by the Board of Directors, from time to time.
The company has also granted long-term incentives to Pallia in the form of American Depository Shares (ADS) Restricted Stock Units (ADS RSUs) and ADS Performance Stock Units (ADS PSUs), amounting to an amount of USD 4 million, with a defined vesting schedule.
The company’s board also approved the payment of cash compensation to Thierry Delaporte, former CEO-MD.