According to a recent filing with the Securities and Exchange Commission in the U.S., on Thursday, May 25, Rishad Premji, the Executive Chairman of Wipro, has voluntarily reduced his remuneration for the fiscal year 2023.
A Huge Pay Cut
For the fiscal year that concluded in March 2023, I.T. giant Wipro Chairman Rishad Premji saw an almost 50% reduction in his pay. He will get $951,353 in total salary, which is roughly 50% less than what he was paid during the previous fiscal year.
According to Wipro’s Form 20-F submitted to the U.S. Securities and Exchange Commission, Rishad Premji’s compensation for the previous fiscal year was $1,819,022.
For the first time since the Covid-19 outbreak, Wipro’s Chairman’s salary has seen this level of reduction. He suffered a 31% cut during the pandemic. He received a total compensation of $0.68 million for the 2019–20 fiscal year compared to $0.98 million the year before.
Rishad Premji is also entitled to a commission on increased consolidated net profits at a rate of 0.35 percent in addition to his salary. But the business decided that no commission was due for the upcoming fiscal year because the additional consolidated net profit for the year was negative.
Deteriorating Profits
The fourth-largest I.T. services provider in India, Wipro, filed with the U.S. Securities and Exchange Commission (SEC) amid a disappointing fiscal year; its net profit fell 7.16% year over year to Rs 11,366.50 crore in FY23 despite sales increasing 14.4% to Rs 23,190.30 crore. Analysts forecast an earnings washout for India’s $245 million I.T. business in at least the first half of FY24, making the outlook for the current fiscal year gloomy as well.
Jatin Pravinchandra Dalal, the chief financial officer of Wipro, also had his remuneration scaled back. He received a total compensation of $1.1 million for FY2022-23, down from $1.6 million ($12.1 crore) the year prior, or an almost 32% reduction.
As per The Economic Times, Thierry Delaporte, the CEO and M.D. of Wipro received $10 million in compensation in FY23 as opposed to $10.52 million in FY2022.
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