Wipro CEO Pallia to Earn Up to $6 Million Annually; Delaporte Receives $4.33-Million Severance Package

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Wipro's newly appointed Chief Executive Officer, Srinivas Pallia, is slated to receive annual remuneration of up to $6 million in his inaugural year at the helm. Concurrently, the IT giant's board has sanctioned a compensation of $4.33 million for former CEO and MD Thierry Delaporte.

Following Delaporte's early resignation on April 6, the software major promptly appointed Srinivas Pallia as CEO and MD.

Pallia's compensation package encompasses a range of components, incorporating both fixed and variable elements, the specifics of which the company has disclosed in an exchange filing.

His base salary is projected to fall within the range of $1.75 million to $3 million annually. In addition to his core remuneration, Pallia stands to receive variable pay, amounting to an additional $1.75 million to $3 million annually. However, the actual disbursement of this component hinges on the company's performance vis-à-vis predefined metrics such as revenue and profit targets, as outlined by Wipro.

Furthermore, the Bengaluru-based company has allocated long-term incentives to Pallia in the form of stock compensation. These incentives, totaling $4 million, comprise Restricted Stock Units (RSUs) valued at $1.4 million and Performance Stock Units (PSUs) valued at $2.6 million. These stock units are set to vest over time, with 25 percent vesting on May 2, 2025, another 25 percent on May 2, 2026, and the remaining 50 percent on May 2, 2027.

With over three decades of experience at Wipro, Pallia most recently served as the CEO for Americas 1, the company's largest and fastest-growing strategic market. In this capacity, he spearheaded various industry sectors, defining their vision and implementing growth strategies that resulted in heightened market shares within those sectors.

Former Wipro CEO Delaporte ranked among the highest-paid CEOs in India last year, with an annual package exceeding Rs 82 crore (approximately $10 million).

The compensation proposed for Delaporte aims to acknowledge his contributions in steering significant transformations at Wipro during his tenure as CEO and MD, while also facilitating a seamless transition and ensuring business continuity.






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