Wipro CEO Abidali Neemuchwala saw his salary increase by 41 per cent for FY2019. The 51-year-old took home Rs 27 crore, which is Rs 8 crore more than his salary for FY2018. He is now one of the highest paid CEOs in the country.
Neemuchwala received about Rs 6.9 crore as salary and allowances, Rs 6.17 crore as commission and variable pay, about Rs 13.85 crore as others and rest in long-term compensation.
As per Wipro's regulatory filings on Tuesday, Neemuchwala has an annual mode of variable pay which is not based on a quarterly performance scheme like other executives. The structure of payment and the hike of the executives depend on the company's growth, amortisation of their Restricted Stock Units (RSUs) over time and also include performance parameters of the company based on the RSUs.
Wipro has hiked the pay for Neemuchwala when it is already facing a downfall in the market due to losing acquisitions and mistakes in company restructuring; with a trust that he would be boosting the company growth. He has been trusted with the responsibility to bring in a speedy recovery and successive growth to the company.
"We think we are moving in the right direction. Partly, it is about what we are doing and partly it is about the macro environment. I don't want to put a time frame for it, but clearly, we are trending in the right direction," Neemuchwala had told Economic Times in April.
Most of the IT firms have been heavily investing in executives with a greater understanding of the technological shift to digital.
Let's see the comparative salary structures of the CEOs of Indian IT firms:
TCS, which has shown constant growth in the IT sector, has been paying its CEO Rajesh Gopinathan about Rs 16 crore. TCS recently overtook IBM, which might bring in a better hike for the CEO.
Salil Parekh, the CEO of Infosys, has a salary of about Rs 24.67 crore.
