In a major development, Wipro Limited, one of the leading IT services company, through a regulatory filing announced the compensation details of its newly appointed Chief Executive Officer (CEO) and Managing Director (MD), Srinivas Pallia.
After Thierry Delaporte (former CEO) resigned from his position a year earlier than scheduled, Pallia, who assumed office on April 6, is set to receive an annual remuneration of USD 6 million in his first year of office.
Breakdown of Compensation
Pallia's compensation package includes various components:
Base Salary: USD 1.75 million to USD 3 million per annum.
Variable Pay: Up to USD 3 million annually, based on company performance.
Long-Term Incentives: USD 4 million in stock compensation, comprising Restricted Stock Units (RSUs) and Performance Stock Units (PSUs). These units will vest over time, with a portion vesting annually starting from May 2, 2025, the company said in the filing.
Image: Wipro (Representative)
Other Perquisites and Benefits: Pallia is entitled to benefits such as personal accident insurance, group life insurance, medical reimbursement, and travel allowances, among others.
Recognition for Former CEO
Apart from this, Wipro's board has approved a payment of USD 4.33 million as compensation to Thierry Delaporte, the former CEO and MD who resigned from his position on April 6, 2024.
About Srinivas Pallia
Pallia joined Wipro in 1992 and has held numerous positions in the company, including President of Wipro’s Consumer Business Unit and Global Head of Business Application Services. Most recently, he served as the CEO for Americas 1, Wipro’s largest and fastest-growing market, said via the regulatory filing.
Wipro Limited shares
The shares of Wipro Limited on Tuesday at 10:59 am IST were trading at Rs 462.50, down by 0.097 per cent.
