Rishad Premji, the chairman of Wipro, reduces his salary by 50%, while CEO Delaporte’s pay is decreased by 5%.

Compensation for Wipro’s executive chairman, Rishad Premji, was reduced by almost half in the financial year 2022-23 compared to the previous year. Wipro’s annual report to the exchanges, under the international financial reporting standards (IFRS) for American depository shareholders (ADS), reported that Premji’s salary in fiscal year 2023 was $951,353, down 47% from $1,819,022 in FY22 due to negative performance in the company’s IT services business. The report informed shareholders that no commission was payable for fiscal year 2023 to Mr. Rishad A. Premji as a result of the negative incremental consolidated net profits. Thierry Delaporte, Wipro’s CEO and managing director, also faced a reduction in compensation, but only by 5% to $10 million compared to $10.5 million in the previous fiscal year 2022. In FY2023, Delaporte’s variable pay fell 50% to $1.3 million while long-term compensation benefits more than doubled to $4.17 million. Wipro is India’s fourth largest software exporter and reported a flat fiscal fourth-quarter net profit, indicating uncertainties in technology spending by customers in the fiscal year 2023. The company guided for a revenue drop between 1% and 3% in the April-June quarter due to a negative demand outlook.