Wipro’s Abidali Neemuchwala’s pay rises 12% in FY20, Premjis forgo variable

Bengaluru: The compensation of WiproNSE -1.48 %’s outgoing CEO Abidali Neemuchwala rose 12% to $4.4 million in fiscal year 2020, according to a company filing with the US Securities and Exchange Commission. Founder Azim Premji and Chairman Rishad Premji have foregone profit-linked commissions for the year, citing uncertainty in business environment due to the Covid-19 pandemic, according to the filing.

“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 Premji, Founder Chairman, has foregone the profit-linked commission payable to him for the relevant period for financial year 2019-2020,” the filing showed.

Rishad Premji also did not take profit linked commission and variable pay during the year, it said.