Wipro’s new chief executive officer Srinivas Pallia will receive up to $6 million in annual remuneration after the board of the company approved a payment of $4.33 million as compensation to former CEO and MD Thierry Delaporte. Srinivas Pallia was appointed as the CEO and MD of the company after Thierry Delaporte resigned a year earlier than scheduled.
Srinivas Pallia has worked at Wipro for over three decades. His last role was as the CEO for Americas 1, Wipro’s biggest and fastest-growing strategic market.
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Srinivas Pallia’s pay package
Srinivas Pallia’s salary comprises various components- fixed and variable elements, the company said in an exchange filing. His base salary is expected to range from $1.75 million to $3 million annually and he is eligible for a variable pay of almost $1.75 million to $3 million annually.
The complete payout will depend on the company’s performance against predefined metrics, Wipro said.
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Srinivas Pallia’s incentives
Srinivas Pallia’s salary will also include long-term incentives in the form of stock compensation totalling $4 million. This consists- Restricted Stock Units (RSUs) of $1.4 million and Performance Stock Units (PSUs) of $2.6 million.
What about Thierry Delaporte and his salary?
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Former Wipro CEO Thierry Delaporte was among the highest-paid CEOs in India last year. His annual package was over ₹82 crore (roughly $10 million).
“The payment is proposed to be made in recognition of Delaporte’s contributions in driving significant transformation at Wipro during his tenure as CEO and MD, and with a view to enable a smooth transition, ensure business continuity, and to ensure adherence to postengagement obligations,” the company said.
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