The Executive Chairman of Wipro, Rishad Premji, has taken a voluntary cut in his salary for the fiscal year 2023, according to a recent filing made to the Securities and Exchange Commission in the US.
He has made $951,353 in total annual compensation this year, which is almost 50% ($8,67,669) less than his previous year’s earnings. In 2022, Mr. Premji’s compensation as Executive Chairman of the Board was $1,819,022.
As per the Form 20-F submitted by Wipro Limited to the United States Securities and Exchange Commission, his salary comprises $861,620 in salary and allowances, $74,343 in long-term compensation benefits, and $15,390 in other incomes.
Mr. Premji’s compensation also included a cash bonus (part of his fixed salary), but there were no stock options granted to him in fiscal year 2023.
Mr. Premji’s current 5-year term as Executive Chairman of Wipro Limited will conclude on July 30, 2024.
Rishad joined Wipro in 2007 and worked in several roles before becoming Executive Chairman in 2019. He started as a general manager in Wipro’s Banking and Financial Services business, went on to head Investor Relations, and then led Wipro’s Strategy and M&A.
As Wipro’s Chief Strategy Officer, Rishad conceptualised Wipro Ventures, a $250 million fund to invest in start-ups developing technologies and solutions that complement Wipro’s businesses with next-generation services and products. He was also responsible for investor and government relations for the company.
In his role as Executive Chairman, Rishad works closely with Wipro’s leadership team to provide direction and strategic insight to the business.
Prior to joining Wipro Limited in 2007, Rishad Premji was with Bain & Company in London, working on assignments across the consumer products, automobile, telecom, and insurance industries. He also worked with GE Capital in the US in the insurance and consumer lending space and is a graduate of GE’s Financial Management Programme.