The salary of Wipro CEO Neemuchwala increases 41% in 2018-19
BENGALURU: Wipro The compensation of CEO and MD Abidali Neemuchwala increased 41% to $ 3.95 million (Rs 28 crore) in 2018-19, compared to the previous $ 2.8 million, according to a filing with the SEC.
The other component in their compensation increased to $ 2 million from $ 1.5 million. This includes the amortization of the restricted stock units (RSUs) that are granted, which are granted during a period. The RSUs include some that will be based on the performance parameters of the company.
Remuneration of Wipro executive officers, including executive directors, has a fixed component and a variable performance-linked incentive. The variable portion is earned under its Quarterly Performance Linked Scheme. Its executive directors - CEO and chief strategy officer - receive variable payments on an annual basis and its chairman is entitled to commission on an annual basis.
In comparison, the compensation of TCS CEO Rajesh Gopinathan (excluding stock options) increased 29% to Rs 16 crore in 2018-19. It was Rs 12.5 million rupees previously. CEO of Infosys Salil parekh He took home Rs 24.7 million years in the last year.
Chairman Azim Premji's compensation rose 95% to $ 262,054 in 2018-19. Premji is set to retire from an executive role in July, but will continue to serve on the Wipro board as non-executive director and founder chairman. Premji is entitled to commission at the rate of 0.5% on incremental net profits of Wipro.
Wipro chairman-designate Rishad Premji's increased remuneration 9% to $ 987,652, from $ 804,523 previously.
Employees in general received wage increases in the middle to high digits.
The company has more than 38,000 employees located outside of India. The company is hiring more and more local talent in those geographies. The percentage of local employees in the US employee base UU It was 63.7% as of March 31, 2019, compared to 57.4% in the previous year and 46.2% in the two previous years.
Wipro said that in absolute terms, its cost of revenues increased by 7.1% primarily because of increase in employee compensation due to salary increases, increase in headcount during the year, increase in subcontracting/technical fees and depreciation of the rupee against foreign currencies. This, it said, was offset by a reduction in the cost of hardware and software and decreased in depreciation, amortization and impairment charges, primarily because of the sale of its hosted data center business.