Wipro Executive Chairman Rishad Premji took a voluntary cut in his compensation in the last financial year 2022-23, according to a recent filing made to the US Securities and Exchange Commission.
This year, he made $951,353 in annual compensation, which is about 50 per cent ($8,67,669) lower than his previous year’s earnings. Premji’s total compensation in 2022 was $1,819,022.
Premji’s his salary comprised $861,620 in salary and allowances, $74,343 in long-term compensation benefits, and $15,390 in other incomes. The total compensation also included a cash bonus (part of his fixed salary) but there were no stock options granted to him in fiscal year 2023.
Premji, who joined Wipro in 2007, become the company’s executive chairman in 2019. His current 5-year term as its executive chairman will conclude on July 30, 2024.
Wipro reported a marginal year-on-year decline of 0.4 per cent in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023. For the full FY23, the net profit of Rs 11,350 crore was 7.1 per cent lower than the preceding fiscal, while revenue of Rs 90,487.6 crore was 14.4 per cent higher.
The company had in a statement said, “We expect revenue from our IT Services business, including the India State Run Enterprise (ISRE) segment to be in the range of $2,753 million to $2,811 million. This translates to sequential guidance of -3.0 per cent to -1.0 per cent in constant currency terms.”
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