Wipro's executive chairman Rishad Premji takes 50% pay cut

Rishad Premji, the executive chairman of Wipro, took a voluntary cut in his compensation for the fiscal year 2023, as per a recent filing made to the US Securities and Exchange Commission. According to Wipro’s Form 20-F filing with the US Securities and Exchange Commission, Premji made $951,353 in total annual compensation in FY23, which is about 50 per cent ($8,67,669) lower than his previous year’s earnings. His total compensation in 2022 was $1,819,022.Premji’s salary comprised $861,620 in salary and allowances, $74,343 in long-term compensation benefits, and $15,390 in other incomes. 

Premji's compensation also included a cash bonus -- part of his fixed salary-- but there were no stock options granted to him in fiscal year 2023. He wasn’t paid a commission as the incremental consolidated net profit of the company was negative, the filing stated. Premji, who joined Wipro in 2007, became the company’s executive chairman in 2019. His current five-year term as its executive chairman will conclude on July 30, 2024.Prior to being appointed the chairman of the Company, he was the chief strategy officer, responsible for shaping Wipro’s strategy to drive sustained and profitable growth. As the chief strategy officer, he led Wipro’s M&A strategy and conceptualised Wipro Ventures – a $250 million fund to invest in start-ups developing technologies and solutions that will complement Wipro’s businesses with next-generation services and products.In his role as executive chairman, Premji works closely with Wipro’s leadership team in providing direction and strategic insight to the business. Prior to joining Wipro Limited in 2007, Premji was with Bain & Company in London, working on assignments across the consumer products, automobile, telecom and insurance industries.