Wipro CEO’s pay hikes to 34.5% to Rs.18 crores in FY 18
BENGALURU: According to the annual reports, Wipro CEO Abidali Neemuchwala’s pay hikes by 34.5% to Rs.18.2 crores in Financial Year 2017-18. Wipro’s Chief Strategy Officer Rishad Premji’s compensation also raised by 250% to Rs.5.9 crores. Wipro’s Executive Chairman and Managing Director Azim H. Premji got his remuneration hike by 10.13 per cent to Rs. 87 lakhs in FY2018. According to the report, Neemuchwala, who receives his pay in US dollars, received an equivalent of Rs 6.29 crores in gross salary, Rs 1.70 crores in variable pay, Rs 10.2 crores in other annual compensation along with other perks and remunerations making a total compensation to Rs 18.23 crores for FY2017-18. The company had offered the hike at a time when numbers of employees were axed and the company was dealing with recession period after the bankruptcy of two clients. In FY 18, Wipro’s revenue grew 4.9%, lower than its peers Tata Consultancy Services, Infosys and HCL Technologies. According to the reports, "Computation of remuneration hike to Wipro’s CEO, Chief Strategy Officer, and Executive Director is on an accrual basis and includes amortisation of ADS Restricted Stock Units (RSUs) granted to them, which vests over a period a time. This also includes Restricted Stock Units that vest based on performance parameters the company".