The annual compensation, which includes the basic salary, of the newly-appointed Chief Executive Officer (CEO) of Wipro, Srini Pallia, will be in the millions in the first year.
According to reports, his annual compensation may reach as high as USD 6 million.
Wipro CEO salary includes base Salary of USD 1.7-3 million
The compensation package of the Wipro CEO comprises a base salary ranging from USD 1.7 million to USD 3 million and a target variable pay of USD 1.7-3 million per year.
The variable component of the Wipro CEO’s salary will be decided by the board of directors based on the achievement of revenue, profit, and other relevant criteria.
In addition, he will be granted stock compensation amounting to USD 4 million, including restricted stock units (RSUs) valued at USD 1.4 million and performance stock units (PSUs) valued at USD 2.6 million.
However, these stock units will vest gradually. The first 25 percent will become available on May 2, 2025, another 25 percent on May 2, 2026, and the remaining 50 percent on May 2, 2027.
IT company appointed Srini Pallia as new CEO last month
Though Srini Pallia’s salary has become public recently, Wipro announced his appointment as its CEO and Managing Director last month.
Pallia succeeds Thierry Delaporte, who is stepping down to “pursue passions outside the workplace”, the company said in a statement.
Rishad Premji, Chairman of Wipro, has said, “Over the past four years, Wipro has undergone a major transformation under the most challenging external conditions. And Pallia has been an integral part of this journey”.
“His client-centric approach, growth mindset, strong execution focus, and commitment to Wipro’s values make him the perfect fit as we enter the next chapter of growth and profitability,” Premji has added.
