Wipro CEO’s Pay Package Up 34.5% In 2017-18
Wipro Ltd. Chief Executive Officer Abidali Z Neemuchwala saw his pay package growing over 34 percent to Rs 18.23 crore during the financial year 2017-2018 compared to the previous fiscal, as per the company's annual report.
Chief Strategy Officer Rishad A Premji's compensation also grew by more than 250 percent to Rs 5.8 crore in the said financial year.
Executive Chairman and Managing Director of Wipro Ltd, Azim H Premji, saw his remuneration increase 10.13 percent to Rs 87 lakh in the financial year 2017-2018.
According to the report, Neemuchwala -- who was paid in U.S. dollars -- received an equivalent of Rs 6.29 crore in gross salary, Rs 1.70 crore in variable pay, Rs 10.2 crore in other annual compensations along with other perks, taking his total compensation to Rs 18.23 crore for financial year 2017-18.
"Computation of remuneration to CEO and executive director is on an accrual basis and includes amortisation of ADS restricted stock units granted to him, which vests over a period a time. This also includes restricted stock units that are based on performance parameters the company," the report added.
Rashid Premji received Rs 93.33 lakh in salary, Rs 53.52 lakh in allowances and Rs 4.13 crore under commission/incentives/variable pay along with other perks, taking his compensation for the financial year 2017-2018 to Rs 5.8 crore.
The report said the computation of remuneration to Rishad Premji included cash based bonus (which is a part of his variable pay) on an accrual basis, which is payable over a period of time.
Besides, Wipro Ltd. CFO Jatin Dalal saw his remuneration increase by 2.42 percent to Rs 4.65 crore.