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April 30, 2024

Wipro’s New CEO Srinivas Pallia: A Look at His $6 Million Compensation Package

Wipro, one of India’s leading tech companies, recently witnessed a change in its leadership as Srinivas Pallia took over as the new CEO and Managing Director. With this transition comes a significant spotlight on Pallia’s compensation package, which stands at a staggering $6 million for his first year in the role.

Pallia’s appointment came after the resignation of Thierry Delaporte, the former CEO and MD of Wipro. Delaporte’s tenure was set to end in July 2025, but his departure in April 2024 shortened it by a year. As part of the transition, Wipro’s board approved a compensation of $4.33 million for Delaporte.

The specifics of Pallia’s compensation package were disclosed in an exchange filing by Wipro. His annual base salary is expected to be between $1.75 million and $3 million, with additional variable pay ranging from $1.75 million to $3 million annually. The variable portion is subject to Wipro’s performance against predetermined metrics like revenue and profit targets.

In addition to his salary, Pallia will receive long-term incentives in the form of stock compensation totaling $4 million. This includes restricted stock units (RSUs) valued at $1.4 million and performance stock units (PSUs) valued at $2.6 million. These stock units will vest gradually, with 25% becoming available each year starting from May 2, 2025.

Pallia’s journey with Wipro spans over 30 years, during which he held various leadership positions, including CEO for Americas 1, Wipro’s largest and fastest-growing strategic market. His responsibilities included overseeing multiple industry sectors, setting their direction, and implementing growth strategies, resulting in improved market positions.

Thierry Delaporte, Pallia’s predecessor, was one of the highest-paid CEOs in India, earning an annual package exceeding Rs 82 crore, approximately $10 million. Wipro justified the compensation awarded to Delaporte by recognizing his contributions to driving significant transformation within the company during his tenure.

Wipro stated that the payment to Delaporte was made to facilitate a smooth transition, ensure business continuity, and adhere to post-engagement obligations.

In summary, Srinivas Pallia’s $6 million compensation package for his first year as Wipro’s CEO showcases the company’s commitment to attracting and retaining top talent. With a blend of fixed and variable components, along with long-term incentives, Wipro aims to align Pallia’s interests with the company’s growth and success in the years to come.

Jhumpa Lahiri

Jhumpa Lahiri

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