Srinivas Pallia, the new CEO of Wipro, has a maximum compensation package of $6 million.
Srinivas Pallia CEO of Wipro
On April 6, Srinivas Pallia was named CEO and MD of the software major after Thierry Delaporte resigned early, one year ahead of schedule.
As the new CEO of Wipro, Srinivas Pallia is expected to take home a fat salary of up to $6 million a year in his first year of employment. The IT giant’s board of directors approved this remuneration. Furthermore, the board approved the payment of $4.33 million to Thierry Delaporte, the former managing director and CEO.
Last year, Thierry Delaporte was one of the highest-paid CEOs in India, taking home an annual salary of more than Rs 82 crore, or almost $10 million.
On April 6, Srinivas Pallia was named CEO and MD of the software major after Thierry Delaporte resigned early, one year ahead of schedule. Pallia’s remuneration package consists of a number of components, including both fixed and variable aspects. The company filed an exchange filing with details of the package.
ACCORDING TO RAGHURAM RAJAN, TAXING THE WEALTHY WON’T LEAD TO ECONOMIC GROWTH.
Pallia’s base pay is expected to be between $1.75 million and $3 million per year. In addition to his base income, Pallia is also eligible for variable pay, which could be anywhere from an extra $1.75 million to $3 million each year. Wipro did clarify, though, that the company’s success against the predefined benchmarks—such as revenue and profit targets—will determine whether or not this amount is disbursed.
Srinivas Pallia has received long-term incentives in the form of stock remuneration from the Bengaluru-based corporation. The $4 million worth of incentives is made up of $1.4 million worth of restricted stock units (RSUs) and $2.6 million worth of performance stock units (PSUs).
The granted stock units will mature in stages, with 25% vesting on May 2, 2025, 25% vesting on May 2, 2026, and 50% vesting on May 2, 2027.
After more than thirty years of employment with Wipro, Pallia most recently assumed the position of CEO for Americas 1, Wipro’s largest and fastest-growing strategic market. He oversaw a number of industry sectors throughout his time there, helping to shape their goals and putting growth plans into action that increased market shares in each of these sectors.
“The payment is proposed to be made in recognition of Delaporte’s contributions in driving significant transformation at Wipro during his tenure as CEO and MD, and with a view to enable a smooth transition, ensure business continuity, and to ensure adherence to postengagement obligations,” the company stated in its press release.
