Business & Finance

Rishad Premji had pay increased by 250% to Rs 5.9 crores

Rishad Premji, the chief strategy officer and a director of Wipro board, was awarded highest percentage increase in salary for the last fiscal. The salary rose by 250% to Rs 5.9 crore. Saurabh Govil, president, and chief HRO, also saw his salary soar by 136% to Rs 6.6 crore, according to the company’s annual report.

The CEO Abidali Neemuchwala, who is paid in US dollars, got an equivalent of Rs 6.3 crore in gross salary, Rs 1.7 crore in variable pay, Rs 10.2 crore in other annual compensation, along with various perks, taking his total to Rs 18.2 crore, up 35%.

“Computation of remuneration to CEO and executive director is on an accrual basis and includes amortization 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 of the company,” the report said.

Rishad, son of executive chairman Azim Premji, got Rs 93.3 lakh in salary, Rs 53.5 lakh in allowances and Rs 4.1 crore under commission/incentives/variable pay, along with other perks. Remuneration includes salary, allowances, commission, performance-based payments, etc. It also includes the value of restricted stock units (RSUs) exercised, if any, by employees.

The hikes awarded to the key management personnel came at a time when the average salary hike for Wipro this year was about 6-7% and double digits for top performers. Azim Premji’s salary increased by 10% to Rs 87 lakh. In his letter to shareholders of the Indian IT industry said in the current dynamic environment, people are often trapped by “false choices.”

“Through my years in Wipro, I have learned that not getting trapped by these choices is at the heart of enduring success…Do we have to shed what is old to become new? It is far more effective if we are both, old and new. We must retain the strengths and learnings of the past, as we embrace the future by developing new capacities and innovative approaches,” he said

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