Wipro's Executive Chairman, Rishad Premji, cuts his compensation in half this year

Wipro’s Executive Chairman, Rishad Premji, has voluntarily reduced his compensation for the fiscal year 2023, as disclosed in a recent filing with the US Securities and Exchange Commission. His total annual compensation for this year amounts to $951,353, which is approximately a 50% decrease ($867,669) compared to the previous year’s earnings. In 2022, Premji received $1,819,022 as Executive Chairman of the Board.

According to the Form 20-F submitted by Wipro Limited to the US Securities and Exchange Commission, his salary includes $861,620 for salary and allowances, $74,343 for long-term compensation benefits, and $15,390 for other sources of income.

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In fiscal year 2023, Premji’s compensation included a cash bonus as part of his fixed salary, but he did not receive any stock options. His current 5-year term as Executive Chairman of Wipro Limited is set to conclude on July 30, 2024.

Rishad joined Wipro in 2007 and has held various positions before assuming the role of Executive Chairman in 2019. He began as a general manager in Wipro’s Banking and Financial Services division, then took on roles in Investor Relations, and later led Wipro’s Strategy and M&A initiatives.

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During his tenure as Wipro’s Chief Strategy Officer, Rishad spearheaded the establishment of Wipro Ventures, a $250 million fund dedicated to investing in startups that develop technologies and solutions complementing Wipro’s businesses with next-generation services and products. He also played a key role in managing investor and government relations for the company. As Executive Chairman, Rishad closely collaborates with Wipro’s leadership team, providing guidance and strategic insights to the business.

Before joining Wipro Limited in 2007, Rishad Premji worked at Bain & Company in London, where he contributed to various projects across consumer products, automobile, telecom, and insurance industries. He also gained experience at GE Capital in the US, focusing on insurance and consumer lending, and completed GE’s Financial Management Programme.