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Wipro's Srinivas Pallia is second-highest paid CEO in industry. His salary is…
Srinivas Pallia has worked at Wipro for over three decades. His last role was as the CEO for Americas 1, Wipro's biggest and fastest-growing strategic market.
Wipro's new chief executive officer Srinivas Pallia will receive up to $6 million in annual remuneration after the board of the company approved a payment of $4.33 million as compensation to former CEO and MD Thierry Delaporte. Srinivas Pallia was appointed as the CEO and MD of the company after Thierry Delaporte resigned a year earlier than scheduled.
Srinivas Pallia has worked at Wipro for over three decades. His last role was as the CEO for Americas 1, Wipro's biggest and fastest-growing strategic market.
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Srinivas Pallia's pay package
Srinivas Pallia's salary comprises various components- fixed and variable elements, the company said in an exchange filing. His base salary is expected to range from $1.75 million to $3 million annually and he is eligible for a variable pay of almost $1.75 million to $3 million annually.
The complete payout will depend on the company's performance against predefined metrics, Wipro said.
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Srinivas Pallia's incentives
Srinivas Pallia's salary will also include long-term incentives in the form of stock compensation totalling $4 million. This consists- Restricted Stock Units (RSUs) of $1.4 million and Performance Stock Units (PSUs) of $2.6 million.
What about Thierry Delaporte and his salary?
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Former Wipro CEO Thierry Delaporte was among the highest-paid CEOs in India last year. His annual package was over ₹82 crore (roughly $10 million).
"The payment is proposed to be made in recognition of Delaporte’s contributions in driving significant transformation at Wipro during his tenure as CEO and MD, and with a view to enable a smooth transition, ensure business continuity, and to ensure adherence to postengagement obligations," the company said.
