Wipro's new CEO Srinivas Pallia to get annual salary of up to Rs 50 crore

Wipro's latest regulatory filing showed that the company's newly appointed CEO, Srinivas Pallia, is slated to receive an annual remuneration of up to $6 million (approximately Rs 50 crore). Pallia's appointment follows the unexpected resignation of Thierry Delaporte, whose hefty annual salary of over Rs 80 crore made headlines last year.

According to the filing related to the notice of postal ballot, Pallia's remuneration will range between $3.5 million to $6 million per annum, encompassing basic and variable pays.

In addition to his annual compensation, Pallia has been granted long-term incentives in the form of American Depository Shares (ADS) Restricted Stock Units (RSUs) and ADS Performance Stock Units (PSUs), amounting to $4 million, with a defined vesting schedule.

The company's board has also approved cash compensation for Thierry Delaporte, the former CEO and Managing Director.

Wipro recently reported its Q4 earnings, noting a 7.8 per cent decrease in profits to Rs 2,835 crore. Against the backdrop of an uncertain macroeconomic environment, Pallia has outlined growth acceleration as the immediate priority for the company.

Having joined Wipro in 1992, Pallia brings extensive leadership experience to his new role, previously serving as president of the Consumer Business Unit and Global Head of Business Application Services.

Expressing his enthusiasm on LinkedIn, Pallia displayed his commitment to collaborating with Wipro's workforce of 240,000 employees and driving the iconic company forward into its next phase of growth. He highlighted the transformative potential of rapid technological advancements, energising both Wipro and the broader industry for the future.

(With PTI inputs)