Wipro’s executive chairman Rishad Premji did not receive any variable or commission pay for the second consecutive year in FY24.

The variable or commission was withheld as the company’s incremental consolidated net profit during the fiscal was negative, Wipro said in its 20-F filing with the US Securities and Exchange Commission.

Meanwhile, the company’s former CEO Thierry Delaporte ranked as the highest-paid CEO among the Indian IT companies for the second year straight year, earning a total compensation of $20.11 million (around Rs 166.5 crore) in FY24.

Premji is entitled to a 0.35% commission on incremental consolidated net profits of the company over the previous fiscal year.

In FY24, he also took a pay cut of approximately 20%, with his total compensation reducing to $769,456 (around Rs 6.5 crore), from $951,353 (around Rs 7.9 crore) in the previous year. As a result, his salary went down to $692,641 (around Rs 5.8 crore) from $861,000 (around Rs 7.2 crore), a year ago, with the balance being other long-term compensation.

Additionally, he was not granted any stock options in FY24. Having taken over as chairman in 2019, Premji has been reappointed for another five years until July 30, 2029.

In FY24, Wipro’s revenue declined by 3.8% to Rs 89,760 crore. The company has guided for a revenue growth between -1.5% and 0.5% for the first quarter of FY25, citing continued weakness in demand and a tough macroeconomic environment.

Meanwhile, Delaporte’s compensation breakdown included $3.9 million in salary, $5.06 million in variable pay, $4.32 million in long-term compensation, and $6.84 million in other payouts.

Though he resigned in April, he has been given a severance payment of $11 million (about Rs 92.1 crore). Wipro was contractually bound to pay Delaporte severance equal to 12 months’ base salary, spread over a year from the termination date.

Delaporte’s successor, Srinivas Pallia, a veteran of 32 years at Wipro, was in April appointed with an annual remuneration package of approximately Rs 50 crore, the second-highest among CEOs in the Indian IT industry for FY25. Infosys CEO Salil Parekh received Rs 56 crore, and C Vijayakumar of HCLTech earned Rs 28.4 crore in the previous fiscal year.