Wipro’s newly appointed Chief Executive Officer, Srinivas Pallia, is poised to receive annual remuneration of up to $6 million during his inaugural year at the helm. Additionally, the IT giant’s board sanctioned a payment of $4.33 million as compensation to former CEO and MD Thierry Delaporte.
Following Delaporte’s early resignation, the software major appointed Srinivas Pallia as CEO and MD on April 6. Pallia’s compensation package, disclosed in an exchange filing, comprises various components encompassing both fixed and variable elements.
Pallia’s base salary is anticipated to range between $1.75 million and $3 million per annum. Furthermore, he is entitled to a variable pay, which could reach an additional $1.75 million to $3 million annually. However, the actual payout of this variable component is contingent upon the company’s performance against predefined metrics such as revenue and profit targets, as per Wipro’s statement.
Wipro’s newly appointed CEO, Srinivas Pallia, is poised to receive up to $6 million in annual remuneration during his inaugural year in the top position. The company’s board also greenlit a $4.33 million compensation payment to former CEO and MD Thierry Delaporte.
On April 6, Wipro appointed Srinivas Pallia as CEO and MD, filling the vacancy left by Delaporte, who stepped down a year earlier than planned. Pallia’s compensation package, detailed in an exchange filing, comprises various components, incorporating both fixed and variable elements.
Pallia’s base salary is projected to range between $1.75 million and $3 million per year. Additionally, he is entitled to variable pay, potentially totaling an additional $1.75 million to $3 million annually. However, the actual payout of this variable component is contingent upon the company’s performance against predefined metrics such as revenue and profit targets, according to Wipro.
Furthermore, stock units granted to Pallia will vest over time, with 25 percent vesting on May 2, 2025, another 25 percent on May 2, 2026, and the remaining 50 percent on May 2, 2027.
Pallia, who has been with Wipro for over three decades, most recently held the position of CEO for Americas 1, the company’s largest and fastest-growing strategic market. In this capacity, he was responsible for overseeing various industry sectors, defining their strategic direction, and executing growth initiatives, leading to notable increases in market share within these sectors.
Former Wipro CEO Delaporte was one of India’s highest-paid CEOs last year, receiving an annual package of over Rs 82 crore (approximately $10 million).
“The proposed payment acknowledges Delaporte’s contributions in driving significant transformation at Wipro during his tenure as CEO and MD. It aims to facilitate a smooth transition, ensure business continuity, and uphold post-engagement obligations,” the company stated in its release.
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