Wipro's new CEO Pallia set to earn $6 million annually
Srinivas Pallia, the newly appointed CEO of IT giant Wipro, is set to receive an annual salary of up to $6 million in his first year. His compensation package comprises both fixed and variable components, as detailed in the company's exchange filing. The base salary will likely range between $1.75-3 million per annum, with potential variable pay matching his base salary, depending on the company's performance against set revenue and profit targets.
Wipro awards long-term incentives to new CEO
In addition to his salary, Pallia has been awarded long-term incentives in the guise of stock compensation by Wipro. These incentives total $4 million and are divided into Restricted Stock Units (RSUs) valued at $1.4 million, and Performance Stock Units (PSUs) worth $2.6 million. The stock units will vest over time, with 25% becoming available on May 2, 2025, another 25% on May 2, 2026, and the remaining half on May 2, 2027.
Pallia's extensive experience with Wipro
Pallia brings over three decades of experience with Wipro to his new role as CEO. Prior to this appointment, he led Americas 1, Wipro's largest and fastest-growing market. In this position, he was responsible for setting the vision and implementing growth strategies across various industry sectors, which resulted in increased market shares for the company.
A look at the severance package of outgoing CEO
Wipro's board has approved a severance package of $4.33 million for outgoing CEO and MD Thierry Delaporte. Last year, Delaporte was one of India's top-earning CEOs with an annual package exceeding ₹82 crore (approximately $10 million). The severance payment is intended to acknowledge his significant contributions to the firm's transformation during his tenure as CEO and MD, ensuring a smooth transition and upholding post-engagement obligations.
