Wipro executive chairman Rishad Premji’s compensation was reduced by almost half in the financial year 2022-23 from the previous year. This was due to negative performance in the company’s IT services business, as per company filings reported to the exchanges on Thursday (May 25).
Compensation details
In the fiscal year 2023, Premji’s salary stood at $951,353, down 47% from $1,819,022 in FY22, the company reported in its annual report to the exchanges, under international financial reporting standards (IFRS) for American depository shareholders (ADS).
“In light of the fact that the incremental consolidated net profits for fiscal year 2023 were negative, the company determined that no commission was payable for fiscal year 2023 to Mr. Rishad A. Premji,” the report informed shareholders.
Chief executive Thierry Delaporte’s compensation also fell, but by a smaller 5%. Wipro CEO Delaporte, who is also the company’s managing director, received $10 million (Rs 83 crore), compared with $10.5 million in the fiscal year 2022. Incidentally, Wiro CEO was the highest paid CEO in the Indian IT sector in FY22. His compensation in FY2022 went up by 20% compared to a year earlier.
In FY2023, within Delaporte’s salary components, variable pay fell 50% to $1.3 million, while long-term compensation benefits more than doubled to $4.17 million.
Facing rough weather
Wipro is India’s fourth largest software exporter. The company missed estimates to report a flat fiscal fourth-quarter net profit, while flagging uncertainties in technology spending by customers in the fiscal year 2023. Wipro guided for revenue to drop between 1% and 3% in the April-June quarter, owing to a negative demand outlook.
Compensation details
In the fiscal year 2023, Premji’s salary stood at $951,353, down 47% from $1,819,022 in FY22, the company reported in its annual report to the exchanges, under international financial reporting standards (IFRS) for American depository shareholders (ADS).
“In light of the fact that the incremental consolidated net profits for fiscal year 2023 were negative, the company determined that no commission was payable for fiscal year 2023 to Mr. Rishad A. Premji,” the report informed shareholders.
Chief executive Thierry Delaporte’s compensation also fell, but by a smaller 5%. Wipro CEO Delaporte, who is also the company’s managing director, received $10 million (Rs 83 crore), compared with $10.5 million in the fiscal year 2022. Incidentally, Wiro CEO was the highest paid CEO in the Indian IT sector in FY22. His compensation in FY2022 went up by 20% compared to a year earlier.
In FY2023, within Delaporte’s salary components, variable pay fell 50% to $1.3 million, while long-term compensation benefits more than doubled to $4.17 million.
Facing rough weather
Wipro is India’s fourth largest software exporter. The company missed estimates to report a flat fiscal fourth-quarter net profit, while flagging uncertainties in technology spending by customers in the fiscal year 2023. Wipro guided for revenue to drop between 1% and 3% in the April-June quarter, owing to a negative demand outlook.
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