Rishad Premji: Wipro Executive Chairman takes 50% pay cut, his annual salary is now…

Rishad Premji, Executive Chairman of IT giant Wiprok, has taken a massive pay cut that nearly halves his annual earnings from the previous year. Rishad, who is the son of Wipro founder Azim Premji, wll take away a compensation of less than 8 crore ($951,353) in the financial year 2022-23. 

Rishad has reportedly taken a voluntary pay cut in the view of the negative performance at Wipro’s IT services business, as per company filings. His current compensation at a little over $950,000 is nearly half from what Rishad earned a year before at $1.82 million ($1,819,022), media reports said as per Wipro’s annual report to the US SEC. 

Rishad Premji had earlier taken a 31% pay cut during the Covid-19 pandemic in the year 2019-20. His compensation was around $300,000 less that the earlier year at $0.68 million. This is the first time the Wipro boss has taken home a reduced salary since the pandemic.  

Premji did not receive any commission for FY 2023 as Wipro’s incremental consolidated net profit came in the negative. Premji has a 0.35% commission set on the incremental consolidated net profits of Wipro, it was reported.

Other top executives at Wipro also saw their compensation reduced. CEO and MD Thierry Delaporte’s compensation decreased by around 5% to $10 million from $10.52 million a year ago. CFO Jatin Pravinchandra Dalal’s earnings were reduced by nearly 32% from $1.6 million to 1 million.