Rishad Premji, executive chairman of Wipro, has taken a voluntary salary cut for the fiscal year ended March 2023. According to a recent filing made to the Securities and Exchange Commission in the US, Premji will receive a compensation of $951,353—almost 50 per cent less than that of his remuneration in the last fiscal.
According to CNBC, this is the first reduction in compensation earned by Premji since the pandemic when he took a cut of 31 per cent. For the year 2019-20, he was compensated a total $0.68 million against $0.98 million in the previous year. Besides the compensation, Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits.
Wipro's Chief Financial Officer Jatin Pravinchandra Dalal has also seen a reduction in his compensation, according to reports. The Bengaulru-based IT company has presented these details in the Form 20-F filed with the SEC.
The IT major Wipro posted a consolidated net profit of Rs 3,074 crore for the fourth quarter ended March 2023, down 0.4 per cent over a year ago. The company's board, however, had approved a buyback of shares through the tender offer at Rs 445 per share.
Premji, who joined Wipro in 2007, took over as Executive Chairman in 2019.