Chief Executive Officer and Managing Director of the Bengaluru-based IT bellwether Wipro, Thierry Delaporte, drew an annual pay check of $10.5 million in FY22, according to company's annual report.
His cheque comprised salary and allowances worth $1.7 million; commissions/variable pay worth $2.5 million; long-term compensation or deferred benefits worth over $2 million and other variables amounting to $4.1 million, as per the report for 2020-21.
Compensation given to the Wipro CEO and MD comprises components such as one-time cash award. Deferred benefits are payable via provident fund and social insurance (health and retirement funds) as applicable. Delaporte’s tenure as the CEO and Managing Director of Wipro will last for a duration of five years from July 6, 2020 to July 30, 2025. He currently owns 118,000 equity shares.
What happens to Delaporte’s pay if he leaves Wipro as its CEO and MD or vice versa?
The report mentions, “If his employment is terminated by the Company without Cause, the Company is required to pay Delaporte, severance pay of 12 months’ base salary as last applicable when in service, payable over a 12-month period following the date of termination. These payments will cease if Delaporte obtains a new employment within the 12 months period or becomes a consultant to any company.”
Wipro chairman Rishad Premji received an annual pay worth $1.8 million in the same period. This includes salary and allowances worth $1.1 million; commissions/variable pay worth $634,487, deferred benefits worth $63,918 and other benefits worth $1,255. He did not receive any stock options in FY22. On the other hand, Premji has 1.7 million equity shares.
Wipro shares on Friday traded 3.88 per cent lower at Rs 456.65 apiece on BSE during early trade hours.