Wipro's New CEO Srinivas Pallia to Earn USD 6 Million Annually

New Delhi, Apr 30 (PTI) Wipro's new CEO Srinivas Pallia will receive an annual remuneration of up to USD 6 million (about Rs 50 crore), according to a regulatory filing by the Bengaluru-headquartered IT company.

Earlier in April, Wipro announced the appointment of Pallia as its new CEO and MD, following the sudden resignation of Thierry Delaporte. Delaporte's annual salary of over Rs 80 crore at Wipro had made headlines last year.

According to a Wipro filing related to notice of postal ballot, Pallia's remuneration will range between USD 3.5 million to USD 6 million per annum (at the lower and upper end of basic and target variable pays).

"... the consent of the members be and is hereby accorded for the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company, to hold office for a period of five years with effect from April 7, 2024 to April 6, 2029, on the terms and conditions of appointment, including payment of remuneration with effect from April 7, 2024...," the notice of postal ballot said, outlining the basic and variable elements of the remuneration.

On the target variable pay, the company said the actual payout will vary based on the organisation level achievement on parameters of revenue and profit, and such other criteria as may be determined by the Board of Directors, from time to time.

The company has also granted long-term incentives to Pallia in the form of American Depository Shares (ADS) Restricted Stock Units (ADS RSUs) and ADS Performance Stock Units (ADS PSUs), amounting to an amount of USD 4 million, with a defined vesting schedule.

The company's board also approved the payment of cash compensation to Thierry Delaporte, former Chief Executive Officer and Managing Director.

The company recently posted its Q4 earnings, reporting a 7.8 per cent fall in profits to Rs 2,835 crore.

Flagging an uncertain macroeconomic environment, the new CEO had spelt out focus areas for the firm, and asserted that the immediate priority for the company is to "accelerate growth".

Pallia joined Wipro in 1992 and has held various leadership roles since then, including president of the Consumer Business Unit and Global Head of Business Application Services.

Pallia -- after taking over the helm at the USD 11 billion IT services firm -- in a post on LinkedIn had said he looks forward to working with 2,40,000 "Wiproites" and taking the "iconic" company to the next phase of growth.

Pallia said he is energised by possibilities before the company and industry in a new era fuelled by rapid technological progress.