New York: As the global economic downturn takes toll on pay packets, Indian IT major Wipro’s chief Azim Premji seems to be leading by example as he has taken a cut of about 10% in his annual compensation.
The total remuneration paid to Premji dipped by $32,414 (about Rs14 lakh) in the fiscal year 2008-09 to $2,96,142 (about Rs1.37 crore).
India’s third largest IT exporter, listed at New York Stock Exchange, had paid a total remuneration of $3,28,556 to its chairman in the previous fiscal.
However, the company has paid higher remuneration to many of its other executive directors and senior management personnel in 2008-09, according to its annual report filing with the US market regulator SEC. The compensation paid to the non-executive directors also increased.
For its non-employee directors, Wipro said, the attendance fee was raised to Rs20,000 per meeting with effect from 1 August 2008, from Rs10,000 previously. Besides, the company paid a total of Rs1.46 crore as commission to them in 2008-09, up from about Rs86.02 lakh in the previous year.
The pay package for executive directors like Suresh Senapaty, Pratik Kumar, Suresh Vaswani and Girish S Paranjape also rose in 2008-09.
Wipro’s chief financial officer Suresh Senapaty, however, got a total payout of $408,246 in 2008-09, up from $317,751 in 2007-08. Similarly, the package of Pratik Kumar, executive vice-president (HR) rose from $230,507 to $290,201.
Suresh Vaswani’s package also rose to $420,607 from $315,013, while that of Girish Paranjape increased from $292,324 to $398,652. Both Vaswani and Paranjape are Joint CEOs of IT Business.
However, the remuneration for Vineet Agrawal, president, Wipro Consumer Care and Lighting, fell to $281,081 from $304,915 in 2007-08.