Wipro’s new CEO Srinivas Pallia to get $7 million remuneration

livemint.com:

BENGALURU : Wipro Ltd’s new chief executive officer Srinivas Pallia stands to make up to $7 million in remuneration in his first year. India’s fourth-largest technology services company has also agreed to pay $4.33 million to former CEO Thierry Delaporte, a first-of-its-kind cash payment made to any outgoing executive in the company’s history. Delaporte’s annual remuneration, when he was in office, was $10.1 million.

The remuneration of Pallia, who took over on 7 April for five years, includes a basic salary between $1.75 million and $3 million, and targeted variable pay of up to $3 million, depending on how the compares fares on growth and profitability, according to an exchange filing made by Wipro on Monday. Plus, Pallia gets $4 million worth of stocks. The stocks include $1.4 million of restricted stock units (RSUs) and $2.6 million of performance stock units (PSUs).

But 25% of RSUs and PSUs worth $1 million will vest to Pallia on 2 May 2025, which brings his total remuneration to $7 million in the first year. Another 25% of stocks will vest on 2 May 2026, and the rest on 2 May 2027. “Vesting of PSUs shall be subject to achievement of revenue, margin, and free cash flow targets as per company policy, and such other criteria as may be determined by the Board of Directors, from time to time," said Wipro in its filing dated 29 April.