1. Wipro chief Azim Premji salary down 63 pct at $1,08,206 in FY17

Wipro chief Azim Premji salary down 63 pct at $1,08,206 in FY17

Azim Premji, the executive chairman of India’s third largest IT services exporter – Wipro has seen a 63% drop in salary for FY17 with no commission paid during the fiscal as the company registered a decline in net profit.

By: | Bengaluru | Updated: June 3, 2017 11:05 PM
Azim Premji’s salary for FY17 stood at ,08,206 as compared to ,92,991 in FY16, according to filings with the US SEC.

Azim Premji, the executive chairman of India’s third largest IT services exporter – Wipro has seen a 63% drop in salary for FY17 with no commission paid during the fiscal as the company registered a decline in net profit. Azim Premji’s salary for FY17 stood at $1,08,206 as compared to $2,92,991 in FY16, according to filings with the US SEC. This salary does not include the long-term benefits like provident fund and pension.

The regulatory filings by Wipro said, “Azim Premji is entitled to a commission at the rate of 0.5% on incremental net profit of Wipro Limited for fiscal year 2017 over the previous year….For the year ended March 2017, commission paid to Premji is nil.”

Wipro reported a net profit of Rs 8489.5 crore for FY17 which was a decline of 4.69% as compared to FY16. However, the consolidated revenue grew by 7.34% during FY17 to touch Rs 55,418 crore.

Rishad Premji, chief strategy officer and board member, Wipro also saw a 23% drop in salary for FY17. His total salary without including the long-term benefits stood at $2,33,479 for FY17 as compared to $3,03,198 in FY16.

Rishad Premji who was appointed to the board in May 1, 2015 received a commission of $48,498 for FY17.

However, Wipro CEO Abidali Neemuchwala saw a 17% rise in salary during FY17. His total salary during FY17 stood at $2,08,1581 as compared to $1,975,890 in FY16. Neemuchwala was appointed as the CEO in February 1, 2016 from the earlier position of COO.

T K Kurien, the former executive vice chairman of Wipro also saw a 28% drop in salary for FY17. His total salary for FY17 stood at $1,415,782 as compared to $1,975,890 in FY16. Kurien was the executive vice chairman between April 1, 2016 to January 31, 2017.

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The drop in compensation for the key executives of Indian IT companies is also a reflection of the lowered growth rate of the sector. Infosys CEO Vishal Sikka also saw his salary drop by 67% during FY17 primarily due to the company recording a single digit growth rate.

The $150 billion Indian IT industry recorded a growth of 8.5% for FY17 and the expectation is that it is likely to record only single digit growth rate during the current fiscal. The sector has witnessed a continuous slowdown and the change in the regulations on visas by the US government has only added to its woes.

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