Wipro Chairman Rishad Premji has taken a 50 per cent voluntary cut in his salary for the fiscal year 2023. He will receive a total annual compensation of $951,353 as against $1,819,022 in the last fiscal year, according to its filing on the Securities and Exchange Commission in the US.
Rishad Premji’s salary included $861,620 in salary and allowances, $15,390 in other incomes, and $74,343 in long-term compensation benefits. He is also entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. “However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the company determined that no commission was payable for fiscal year 2023 to Rishad A. Premji,” the company said in the filing. His salary also includes a cash bonus which is a part of his fixed salary. In the fiscal year 2023, there were no stock options granted to Rishad Premji, it said.
The 50 per cent cut in his compensation for FY23 comes for the first time after FY20 when he took a 31 per cent pay cut. Rishad Premji’s current 5-year term as the executive chairman of the company will conclude on July 30, 2024. He had joined the company in 2007 and worked in several roles before becoming a member of the board in May 2015. He has been the executive chairman of Wipro and the Board since July 31, 2019. Before this, he was the Chief Strategy Officer, responsible for shaping Wipro’s strategy to drive sustained and profitable growth and during his tenure, he led Wipro’s M&A strategy and conceptualized Wipro Ventures – a US$250 million fund to invest in start-ups developing technologies and solutions, the company said in the filing. He was also responsible for investor relations and government relations for the company.
Prior to joining Wipro Limited in 2007, Rishad Premji was associated with Bain & Company in London, working on assignments across the consumer products, automobile, telecom and insurance industries. He has also worked with GE Capital in the US in insurance and consumer lending space and is a graduate of GE’s Financial Management Program.