Wipro's outgoing CEO Abidali Neemuchwala sees 12% rise in pay package

Wipro’s chief executive officer Abidali Z Neemuchwala’s pay package rose 12 per cent to $4.42 million (around Rs 31 crore) in fiscal year 2020. Incidentally, Neemuchwala left the company on June 1, the day this regulatory filing was done by the Bengaluru-headquartered firm.

In comparison, Infosys’ CEO Salil Parekh drew a pay package of $6.15 million (around Rs 40 crore) in the last financial year, a rise of 27 per cent over the previous fiscal. Market leader TCS’ CEO Rajesh Gopinathan took home a pay package of over Rs 13.4 crore last fiscal, a decline of over 16.3 per cent compared to previous fiscal.

Wipro’s chairman Rishad Premji and promoter (founder chairman) Azim Premji received a compensation of $0.68 million and $0.13 million in FY20, as both voluntarily decided not to take profit-linked commissions in the fiscal.

“In view of the current situation caused by Covid-19, uncertainty in business is likely to last for the next few months. To show solidarity with the team in facing the challenge Azim H Premji, Founder Chairman, has foregone the profit linked commission payable to him for the relevant period for financial year 2019-2020,” Wipro said in the filing.

Similarly, chairman of the firm Rishad A Premji has foregone his profit linked commission during this period apart from the variable pay.

Wipro’s chief financial officer, Jatin Dalal drew home $0.59 million during this period.