Wipro CEO Abidali Neemuchwala’s compensation up 34% in FY18

BENGALURU: Wipro CEO Abidali Neemuchwala’s compensation rose over 34% to Rs 18.2 crore in FY18, while Chief Strategy Officer Rishad Premji’s compensation rose 250% to Rs 5.9 crore, the company said in its annual report.Neemuchwala’s compensation included Rs 6.2 crore in gross salary, Rs 10.2 crore in stock options and Rs 1.71 crore in variable pay and Rs 30 lakhs in retirals. Neemuchwala’s salary is dollar-denominated as he is based in the US.Rishad Premji’s compensation included Rs 93 lakhs in gross salary and Rs 4.13 crore in variable pay, Rs 55 lakhs in allowances and Rs 28 lakhs in retirals.Chairman Azim Premji’s gross compensation rose 10%, the company said.The hikes come at a time when Wipro has slashed the number of people it employs and has been dealing with growth issues after the bankruptcy of two clients. At the end of March 2018, Wipro employed about 133,000 people down from over 137000 people at the end of the previous year.“We have also taken some challenges in our stride during the last fiscal year which created a bump in our momentum of increasing revenue growth. Two of our clients declared bankruptcy which reduced our operating margins by 236 bps and 109 bps in Q3 and Q4 respectively,” Neemuchwala said in his letter to shareholders.However, he added that he was happy with the foundational improvements that the company had made in FY18.

from The Economic Times https://ift.tt/2Kd6kDB