According to a recent filing with the US Securities and Exchange Commission, Wipro executive chairman Rishad Premji voluntarily reduced his salary for the fiscal year 2023.
In-depth details on Rishad Premji, the executive chairman of Wipro, receives a 50% pay cut this year
Premji received $951,353 in total yearly salary in FY23, which is nearly $8,67,669 less than in FY22, according to Wipro’s Form 20-F report to the US Securities and Exchange Commission. He received $1,819,022 in total remuneration in 2022.
Premji’s pay consisted of $15,390 in other incomes, $74,343 in long-term compensation benefits, and $861,620 in salary and allowances. Premji received a cash bonus as part of his fixed salary as part of his pay, although he was not given any stock options for the 2023 fiscal year. According to the filing, he did not get a commission because the company’s additional consolidated net profit was negative.
Premji, who joined Wipro in 2007, was named executive chairman of the business in 2019. On July 30, 2024, his current five-year term as its executive chairman would come to an end.
He served as Wipro’s chief strategy officer prior to being named the company’s chairman, where he was in charge of developing the company’s strategy to promote steady and profitable growth. He developed Wipro Ventures, a $250 million fund to invest in start-ups building technology and solutions that will bolster Wipro’s businesses with next-generation services and products, and managed Wipro’s M&A strategy as its chief strategy officer.
As executive chairman, Premji collaborates closely with the Wipro leadership group to give the company strategic direction.
Premji worked for Bain & Company in London before joining Wipro Limited in 2007, where he worked on projects involving the consumer goods, automotive, telecom, and insurance industries. He graduated from GE’s Financial Management Programme and also worked for GE Capital in the US in the insurance and consumer lending sectors.
