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Feb 24 2011, 23:52 IST
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SummaryThe country’s third largest IT services firm Wipro has sent letters to investors saying that ex-joint CEOs Girish Paranjpe and Suresh Vaswani have been offered a severance package of Rs 7 crore each along with other remuneration and stock-based compensation they are entitled to as directors.

Wipro ex-joint CEOs get Rs 7-cr severance package

The country’s third largest IT services firm Wipro has sent letters to investors saying that ex-joint CEOs Girish Paranjpe and Suresh Vaswani have been offered a severance package of Rs 7 crore each along with other remuneration and stock-based compensation they are entitled to as directors. “Board of director of the company accepted the resignation of Girish Paranjpe and Suresh Vaswani, joint CEOs and directors as a board member with effect from January 31 and agreed to pay a severance pay of Rs7 crore, subject to application deductions, in addition to December remuneration and stock-based compensation that the director is entitled to till January 31,” the notice said. Wipro, on January 21, had announced a change of guard at the top with company veteran TK Kurien taking over as the new CEO of the firm’s IT business. The move came in the backdrop of Wipro underperforming relative to its competitors over the last few quarters — both TCS and Infosys have enjoyed far higher volume growth than Wipro while the No. 4 player, Cognizant, is fast catching up in top line numbers.

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