Wipro CEO Srini Palia's pay package totals $7M annually
In a stock exchange filing, Wipro said the remuneration of its CEO includes basic salary, variable pay, and stock options. Outgoing CEO Thierry Delaporte will receive $4.33 million as cash compensation.
Srinivas Palia, the newly appointed CEO of Wipro, is eligible to receive $7 million as total remuneration, including basic salary, target variable pay, and stock options.
In a notice to the stock exchanges, Wipro said the new CEO will receive a basic salary between $1.75 million and $3 million. The target variable pay will also range between $1.75 million and $3 million, depending on the company's performance.
Palia will also gain from stock grants of Wipro, which will amount to $4 million, including $1.4 million of restricted stock units (RSUs) and $2.6 million of performance stock units (PSUs).
From this, 25% of the RSUs and PSUs will be vested with Palia on May 2, 2025, followed by another 25% on May 2, 2026, and the remaining 50% on May 2, 2027.
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“The stock compensation is aimed at promoting a culture of ownership by providing an opportunity to share in future growth and profitability of the Company, which would thereby lead to improved engagement, motivation, and retention,” Wipro said in the stock exchange filing.
The IT major appointed its new CEO on April 7, 2024, for a period of five years. The company will put up the CEO's compensation structure for voting for its shareholders soon.
Meanwhile, Wipro has also announced a cash payment of $4.33 million to the outgoing CEO Thierry Delaporte.
“The payment is proposed to be made in recognition of Mr Delaporte’s contributions in driving significant transformation at Wipro during his tenure as Chief Executive Officer and Managing Director, and with a view to enable a smooth transition, ensure business continuity and to ensure adherence to post engagement obligations (including, but not limited to, confidentiality, non-solicitation, non-disparagement, and other obligations),” said Wipro in the filing.
Among the CEOs of leading IT companies, Cognizant CEO Ravi Kumar received the highest compensation of $22.56 million in 2023. Infosys CEO Salil Parekh received remuneration of $6.8 million, while TCS CEO K Krithivasan was paid $3.5 million. HCLTech CEO C Vijayakumar stands to make $10.65 million.
Edited by Suman Singh
