Wipro chief executive Abidali Z Neemuchwala saw his pay package growing over 34 per cent to Rs 18.23 crore during FY2017-18 compared to the previous fiscal, as per the company’s annual report. Chief Strategy Officer (CSO) Rishad A Premji’s compensation also grew by more than 250 per cent to Rs 5.8 crore in the said fiscal. Azim H Premji, the Executive Chairman and Managing Director, saw his remuneration increase 10.13 per cent to Rs 87 lakh in FY2018.
According to the report, Neemuchwala — who was paid in US dollars — received an equivalent of Rs 6.29 crore in gross salary, Rs 1.70 crore in variable pay, Rs 10.2 crore in other annual compensation along with other perks, taking his total compensation to Rs 18.23 crore for FY2017-18.
“Computation of remuneration to CEO and Executive Director is on an accrual basis and includes amortisation of ADS Restricted Stock Units (RSUs) granted to him, which vests over a period a time. This also includes RSUs that vest based on performance parameters the company,” the report added. Rashid Premji received Rs 93.33 lakh in salary, Rs 53.52 lakh in allowances and Rs 4.13 crore under commission/incentives/variable pay along with other perks, taking his compensation for the fiscal to Rs 5.8 crore.
The report said the computation of remuneration to Rishad Premji included cash based bonus (part of his variable pay) on an accrual basis, which is payable over a period of time. Besides, Wipro CFO Jatin Dalal saw his remuneration increase by 2.42 per cent to Rs 4.65 crore.