Chairman Rishad Premji of Wipro experienced a significant reduction in his pay due to the company’s modest performance last year.
As stated in the recently released annual report, Premji’s earnings for the year amounted to $951,353, which is nearly 50 percent lower than the $1.8 million he received in the previous year.
The components of his salary consisted of a basic amount of $861,620, with long-term benefits totalling $74,343, and additional allowances amounting to $15,390.
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Notably, he did not receive any commission.
According to company policy, Premji is entitled to a commission of 0.35 percent on the incremental consolidated net profit of Wipro compared to the previous fiscal year.
However, since the incremental consolidated net profit was negative for the year, no commission was paid to him.
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Meanwhile, CEO Thierry Delaporte’s salary experienced a slight decline, going from $10.5 million in FY22 to $10 million in FY23.
In a similar vein, Cognizant’s former CEO Brian Humphries witnessed a 9 percent decrease in his salary, dropping from $19.6 million in the previous year to $17.9 million in 2023.
His non-equity-based incentives also decreased from $4 million to $1.7 million. Both Wipro and Cognizant exhibited weaker performances compared to their peers in the past year.
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Furthermore, Wipro’s CFO Jatin Dalal also took a pay cut in his salary, with a decrease from $1.5 million in FY22 to $1 million in FY23.
The annual report highlighted talent as one of the key areas in which the company has made investments.
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