Wipro’s new CEO, Srinivas Pallia, is slated to earn a potential $6 million in annual compensation during his inaugural year at the helm. Additionally, the company’s board has sanctioned a $4.33 million compensation package for former CEO and MD Thierry Delaporte.
Pallia’s compensation package includes a mix of fixed and variable components, the specifics of which have been disclosed by the company in an exchange filing.
On April 6, the software giant named Srinivas Pallia as its CEO and MD, following Delaporte’s early resignation, which occurred one year ahead of schedule.
Wipro CEO Salary Details
Pallia’s base salary is anticipated to fall within the range of $1.75 million to $3 million per year, Moneycontrol reported. Alongside his fixed pay, Pallia stands to receive variable compensation, potentially totaling an additional $1.75 million to $3 million annually.
However, the disbursement of this variable component hinges on Wipro’s performance against predetermined metrics, including revenue and profit targets, as stated by the company.
The Bengaluru-headquartered firm has awarded Pallia long-term incentives in the form of stock compensation. These incentives, amounting to $4 million, comprise $1.4 million in Restricted Stock Units (RSUs) and $2.6 million in Performance Stock Units (PSUs).
These stock units will gradually vest, with 25 percent becoming available on May 2, 2025, another 25 percent on May 2, 2026, and the remaining 50 percent on May 2, 2027.
About Srinivas Pallia
Pallia has been with Wipro for over three decades and most recently served as the CEO for Americas 1, Wipro’s biggest and fastest-growing strategic market. In this role, he oversaw diverse industry sectors, established their vision, and implemented growth strategies, resulting in increased market shares within these sectors.
Former Wipro CEO Delaporte was among the highest-paid CEOs in India last year with over Rs 82 crore in annual package (roughly $10 million).
“The payment is proposed to be made in recognition of Delaporte’s contributions in driving significant transformation at Wipro during his tenure as CEO and MD, and to enable a smooth transition, ensure business continuity, and ensure adherence to post-engagement obligations,” the company said in the release.
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