Wipro's Executive Chairman Rishad Premji takes voluntary cut in his FY23 salary
Mumbai: Wipro’s Executive Chairman Rishad Premji has taken a voluntary reduction in his salary for the fiscal year 2023, according to a recent filing made to the Securities and Exchange Commission in the US.
This year, his total annual compensation amounts to $951,353, which is nearly 50% lower than his earnings in the previous year, amounting to $1,819,022.
This reduction in salary reflects a decrease of approximately $867,669 compared to his previous year's compensation.
According to Form 20-F submitted by Wipro Limited to the United States Securities and Exchange Commission, Rishad Premji's salary is broken down as follows: $861,620 in salary and allowances, $74,343 in long-term compensation benefits, and $15,390 in other incomes.
In his role as Wipro's Chief Strategy Officer, Rishad Premji played a pivotal role in conceptualizing Wipro Ventures, a $250 million fund dedicated to investing in start-ups that focus on developing technologies and solutions that align with Wipro's business objectives, particularly in the realm of next-generation services and products.
As Wipro's Chief Strategy Officer held the responsibility of managing investor relations and government relations for the company.
As the Executive Chairman of Wipro, Rishad Premji collaborates closely with the company's leadership team, offering guidance and strategic perspective to drive the business forward.
Before joining Wipro Limited in 2007, Rishad Premji gained experience at Bain & Company in London.
During his time there, he worked on various projects spanning industries such as consumer products, automobiles, telecommunications, and insurance.
He also had a professional stint at GE Capital in the United States, where he focused on the insurance and consumer lending sectors.
Rishad is a graduate of GE's Financial Management Programme, which further augmented his knowledge and expertise in the financial domain.