Wipro’s former CEO Delaporte was Indian IT’s highest-paid boss in FY24

livemint.com:

Wipro Ltd’s former chief executive officer (CEO) Thierry Delaporte became Indian IT sector's highest-paid top boss for the financial year ended March 2024, earning $20.1 million ( ₹167 crore) during the period, the company’s filings with the US Securities and Exchange Commission showed.Frenchman Delaporte’s remuneration doubled from FY23, when he earned about $10 million in annual compensation. His salary increase in FY24 was primarily driven by a cash severance payment of $4.33 million, and the cost of accelerated vesting of 9,89,130 unvested stock options.

Additionally, while his base salary and other payouts more than doubled from FY23, his commission increased four-fold in FY24."The accelerated vesting of Delaporte's stock options added a significant amount to his FY24 remuneration. Wipro's stock has been in the ascendancy over the last year so Delaporte profited nicely from that.

This is a problem with many CEO's compensation where they are too focused on stock price over other key performance areas. This is not restricted to Wipro," said Phil Fersht, chief executive officer of US-based HFS Research, an outsourcing research firm.Also Read: Wipro's outgoing CEO adds to his resignation bounty with $4 million share saleStock of Wipro settled at 465.85 on Thursday on the National Stock Exchange, up 1% from the previous close.