Wipro Chairman Rishad Premji takes 50% compensation cut this year
Rishad Premji, the executive chairman of Wipro Limited, will receive a compensation of $951,353 for the financial year ending March 2023, almost 50% less than what he received in the last fiscal year. The information was disclosed in Form 20-F, which the company filed with the United States (US) Securities and Exchange Commission. According to reports, Premji received a remuneration of $1,819,022 last year.
Premji took 31% compensation cut when COVID-19 pandemic began
CNBC reported that this is the first time Premji has seen a reduction in compensation since the COVID-19 pandemic, when he took a cut of 31%. For 2019-20, the 46-year-old was compensated $0.68 million and $0.98 million in the previous year. He is also entitled to a commission at the rate of 0.35% on incremental consolidated net profits, which was not paid this year.
