Rishad Premji, the Executive Chairman of Wipro, has voluntarily opted for a reduction in his salary for the fiscal year 2023, as disclosed in a recent filing submitted to the US Securities and Exchange Commission. The filing indicates that his total annual compensation for this year amounts to $951,353, which reflects a significant decrease of nearly 50% ($867,669) compared to the previous year’s earnings. In 2022, Mr. Premji received $1,819,022 as the Executive Chairman of the Board.
According to Wipro Limited’s Form 20-F filing with the SEC, Rishad Premji’s compensation for the fiscal year 2023 comprises $861,620 in salary and allowances, $74,343 in long-term compensation benefits, and $15,390 in other incomes. While a cash bonus was included as part of his fixed salary, no stock options were granted to him during this fiscal year.
Rishad Premji’s current term as the Executive Chairman of Wipro Limited is set to conclude on July 30, 2024. He initially joined Wipro in 2007 and has since held various positions within the company before assuming the role of Executive Chairman in 2019. His journey began as a general manager in Wipro’s Banking and Financial Services business, followed by leading the Investor Relations department and subsequently overseeing Wipro’s Strategy and M&A.
During his tenure as Wipro’s Chief Strategy Officer, Rishad Premji played a key role in conceptualizing Wipro Ventures, a $250 million fund dedicated to investing in startups that develop technologies and solutions aligned with Wipro’s business objectives, focusing on next-generation services and products. He was also responsible for managing investor and government relations for the company.
In his capacity as Executive Chairman, Rishad collaborates closely with Wipro’s leadership team to provide strategic direction and insight to the business.
Before joining Wipro Limited in 2007, Rishad Premji worked with Bain & Company in London, where he undertook assignments across various industries, including consumer products, automobiles, telecommunications, and insurance. He also gained experience at GE Capital in the United States, specifically in the insurance and consumer lending sectors, and completed GE’s Financial Management Programme.
Rishad Premji’s decision to voluntarily reduce his salary demonstrates his commitment to the company and its stakeholders, as well as his willingness to contribute to Wipro’s financial well-being during the fiscal year 2023.
