Wipro chairman Rishad Premji’s compensation down 50% as profits fall

Wipro chairman Rishad Premji saw his total compensation in FY23 fall almost 50 per cent year-on year (YoY) after he had to forgo commission (variable pay) due to falling profits at the IT services firm.

Premji’s total compensation for FY23 was $951,353, down from $1,819,022 in FY22, according to a Wipro filing with the US Securities and Exchange Commission.

“Rishad A Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr. Rishad A. Premji,” said the company.