Wipro Chairman Rishad Premji Takes 50% Salary This Year
The tech companies are laying off their employees at a massive scale worldwide. But Indian businessperson Rishad Premji halved his salary & took a compensation cut.
Rishad Premji, the Executive Chairman of Wipro, voluntarily reduced his compensation by 50% for the financial year 2022-23, according to a filing made to the US Securities and Exchange Commission.
In the previous year, Premji earned a total compensation of $1,819,022, but this year his annual compensation dropped to $951,353.
Premji’s salary and allowances accounted for $861,620, with an additional $74,343 in long-term compensation benefits and $15,390 in other incomes.
However, he did not receive any stock options in the fiscal year 2023. The reduction in compensation reflects Premji’s decision to take a pay cut for the year.
Having joined Wipro in 2007, Premji assumed the role of Executive Chairman in 2019. His current term in this position is set to conclude on July 30, 2024.
Wipro, one of India’s leading IT services companies, reported a slight year-on-year decline of 0.4% in net profit for the fourth quarter of March 2023.
The net profit stood at Rs 3,074.5 crore, while the net profit for the full fiscal year 2022-23 amounted to Rs 11,350 crore, representing a 7.1% decrease compared to the previous year.
However, the company’s revenue for the same period increased by 14.4% to reach Rs 90,487.6 crore.
Wipro provided guidance for its IT services business, including the India State Run Enterprise (ISRE) segment, projecting revenue in the range of $2,753 million to $2,811 million for the upcoming period. This indicates a sequential guidance of -3.0% to -1.0% in constant currency terms.
Rishad Premji’s decision to reduce his compensation demonstrates his commitment to the company and its stakeholders.
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It highlights his willingness to contribute to the overall financial well-being of Wipro, aligning his compensation with the prevailing circumstances and performance of the organization.