Wipro ex-CEO Thiery Delaporte took home ₹167 cr in FY24; highest paid CEO for 2nd year in a row

Former chief executive of Wipro Ltd Thiery Delaporte took home a pay package of $20,111,105 (₹167 crore) in FY2023-24, according to the company's annual report filed today. Delaporte's annual compensation includes salary and allowances worth $3,900,827, variable pay worth $5,061,908, long-term compensation worth $4,313,874, and other income worth $6,834,496.

At over $20 million, Delaporte remains the highest-paid CEO in the Indian IT industry for the second consecutive year. According to Wipro, “Reconciling Items” for FY2024 includes ₹92.1 crore towards employee costs related to the outgoing CEO".

Delaporte had resigned as the CEO and MD of the company on April 6, 2024. He will be relieved from the employment on May 31, 2024. The company says its newly appointed CEO and MD Srini Pallia will get up to $6 million (over ₹50 crore) in annual salary in FY25. Pallia was appointed the CEO and MD on April 6, 2024.

Wipro Ltd Executive Chairman Rishad A Premji received annual compensation worth $7,69,456, which comprised salary and allowances worth $692,641 and long-term compensation worth $75,653. His annual compensation was $9,51,353 a year ago. In total, he took a pay cut of around 19%.

Wipro said Rishad Premji was entitled to a commission at the rate of 0.35% on incremental consolidated net profits of the company over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2024 were negative, the company determined that no commission was payable for fiscal year 2024 to him. Besides, there were no stock options granted to Rishad Premji in fiscal year 2024, the company said.

Wipro's ex-chief financial officer (CFO) Jatin Pravinchandra Dalal took home annual compensation worth $2,43,796 comprising a salary worth $1,47,288, commission worth $70,778, and long-term compensation worth $25,144. The remuneration disclosed for Dalal is for the period from April 1, 2023, to September 21, 2023. He resigned as CFO on September 21, 2023, and was relieved with effect from November 30, 2023.

Wipro had reported an 8% year-on-year (YoY) fall in consolidated net profit during the January-March quarter of FY2023-24 at ₹2,835 crore as compared to ₹3,074 in the same quarter in the previous fiscal. The company's revenue for Q4 FY24 was ₹22,210 crore ($2.7 billion), flat QoQ basis, but down 4.2% compared to ₹23,190.3 crore in the year-ago period. The Wipro share is trading 0.74% down at ₹464.65 on the BSE today.

Salaries of CEOs of other IT majors

Tata Consultancy Services (TCS) CEO and MD K Krithivasan took home annual remuneration worth ₹25.36 crore in the financial year 2023-24. Comparatively, Infosys CEO Salil Parekh earned annual compensation worth ₹56,44,69,740 (₹56.4) crore in FY23. C. Vijayakumar of HCLTech earned an annual pay package worth ₹28.4 crore in FY23.