Wipro CEO Abidali Neemuchwala’s pay package up over 34% to Rs18.23 crore in FY18
Wipro’s chief strategy officer Rishad Premji’s compensation grew by over 250% to Rs5.8 crore in FY2018, executive chairman and MD Azim Premji’s remuneration increased 10.13% to Rs87 lakh
New Delhi: Wipro chief executive Abidali Z. Neemuchwala saw his pay package growing over 34% to Rs18.23 crore during FY2017-18 compared to the previous fiscal, as per the company’s annual report.
Chief strategy officer (CSO) Rishad A. Premji’s compensation also grew by more than 250% to Rs5.8 crore in the said fiscal. Azim H. Premji, the executive chairman and managing director, saw his remuneration increase 10.13% to Rs87 lakh in FY2018.
According to the report, Neemuchwala—who was paid in US dollars—received an equivalent of Rs6.29 crore in gross salary, Rs1.70 crore in variable pay, Rs10.2 crore in other annual compensation along with other perks, taking his total compensation to Rs18.23 crore for FY2017-18.
“Computation of remuneration to CEO and Executive Director is on an accrual basis and includes amortisation 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 the company,” the report added.
Rashid Premji received Rs93.33 lakh in salary, Rs53.52 lakh in allowances and Rs4.13 crore under commission/incentives/variable pay along with other perks, taking his compensation for the fiscal to Rs5.8 crore.
The report said the computation of remuneration to Rishad Premji included cash based bonus (part of his variable pay) on an accrual basis, which is payable over a period of time.
Besides, Wipro CFO Jatin Dalal saw his remuneration increase by 2.42% to Rs4.65 crore.
- Yes Bank board to meet Tuesday after RBI directive on Rana Kapoor’s tenure
- Ratnagiri refinery: Indian Oil, others set up panel to settle land acquisition issues
- With Brent touching $80, fuel prices on upswing
- Mega bank mergers and the future of reforms
- US shale will continue to steal market share until late-2020s: Opec