Salary of Wipro's Rishad Premji's jumped to Rs 136121680 but CEO Srinivas Pallia's package will leave you in shock, his salary is a massive Rs....
When we talk about richest individuals in the world, Elon Musk tops the list. And as far as company executives are concerned in India, Reliance always tops the list. But do you know, there is huge gap between a Executive Chairman and CEO's remuneration of a Indian company even after pay hike. Yes, we are talking about Wipro.
Wipro Executive Chairman Rishad Premji's remuneration has doubled to about Rs 13.7 crore in the financial year 2024-25. However, this is much less than the annual income of about Rs 53.64 crore of the company's Chief Executive Officer (CEO) Srinivas Palia. This information has been given in the company's latest annual report.
This is because, Rishad Premji did not take any 'commission' in FY 2023-24 as the company's incremental consolidated net profit was negative that year. That year he took a salary of about Rs 6.4 crore with a pay cut of about 20 percent.
However, the Bengaluru-headquartered company's net profit grew 18.9 per cent to Rs 13,135.4 crore during FY 2024-25.
According to the '20-F filing' (annual report) submitted by Wipro to the US Securities and Exchange Commission, Premji's remuneration will double to about Rs 13.7 crore in the financial year 2024-25, from about Rs 6.4 crore in the financial year 2023-24.
At the same time, Srinivas Palia, who took over as CEO and Managing Director on April 7, 2024, received a remuneration of about Rs 53.64 crore in the financial year 2024-25.
Palia's remuneration is less than half the salary of the company's former CEO Thierry Delaporte. Delaporte received a salary of around Rs 168 crore in the financial year 2023-24.
According to the documents, Palia earned nearly $1.7 million as salary and allowances, nearly $1.7 million as commission/variable pay, nearly $2.8 million classified as 'other' and $68,850 as long-term compensation.
According to this, Premji and Palia are entitled to get 'commission' at the rate of 0.35 percent on the incremental integrated net profit of the company compared to the previous financial year.
In addition, Palia was also allotted 16,77,202 share options with different 'lock-in' periods. However, Premji was not given any share option in the financial year 2024-25.
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