Thierry Delaporte, Wipro Chief Executive Officer (CEO) and Managing Director (MD) drew a total remuneration of ₹79.8 crore ($10.51 million) in FY22, as per company’s annual report filed with US Securities and Exchange Commission (SEC). In the last fiscal year, he was paid ₹64.3 crore ($8.7 million) for a period of nine months from July 6, 2020, to March 31, 2021, as he was appointed as CEO and MD of Wipro in July 2020. The other top honchos of Wipro–Rishad Premji, Chairman and Jatin Pravinchandra Dalal, President and Chief Financial Officer (CFO) received $1.82 million and $1.59 million respectively. With a total compensation of ₹79.8 crore for FY22, Delaporte is now the highest paid IT executive in the Indian IT services industry. In comparison, Infosys CEO, Salil Parekh drew a total compensation of ₹71 crore including stock options, and CEO of Tata Consultancy Services (TCS), Rajesh Gopinathan received a compensation of ₹25.8 crore, for the same period. Delaporte has 27 years of experience in the IT services industry and has held various leadership positions in Capegemini prior to joining Wipro in 2020. Wipro reported a revenue of $2.72 billion (₹20,860 crore) for the period ending March 31, 2022, a sequential growth of 3.1 per cent. For FY 22, it reported a revenue of $10.4 billion (₹79,090 crore) indicating a growth of 27.3 percent y-o-y. The operating margin for the period stood at 17.7 per cent, a decrease of 254 basis points y-o-y, reflecting margin pressures. The top IT firm has also predicted sequential growth between 1-3 per cent for the next quarter. It has set the expectation for the IT services business to be in the range of $2,748 million to $2,803 million.
Wipro CEO Thierry Delaporte has become Indian IT sector's highest paid executive as papers filed with the US Securities and Exchange Commission showed that his annual pay package in the fiscal year ending March 31, 2022, was Rs 79.8 crore ($10.51 million). In FY21, Delaporte’s annual salary was Rs 64.3 crore ($8.7 million). His compensation figure was for nine months in that year as the 55-year-old joined the company in July 2020. The Wipro CEO in FY22 took home Rs 13.2 crore ($1.74 million) in salary and allowances, Rs 19.3 crore ($2.55 million) in form of commissions and variable pay, while in terms of other benefits, he received Rs 31.8 crore ($4.2 million) from the company. The rest of Delaporte’s pay package was formed by long-term compensation or deferred benefits. Delaporte’s package also includes one-time cash awards which was approved by Wipro's shareholders at the company's annual general meeting in July 2020. Meanwhile, Wipro chairman Rishad Premji in FY22 took home $1.82 million, as compared to $1.62 million last year. In rupee terms, the chairman's compensation jumped to Rs 13.8 crore from Rs 11.8 crore last year. However, Premji was not given stock options in FY22. This comes after Infosys' annual report said that its CEO, Salil Parekh's compensation jumped 43 per cent to Rs 71 crore in FY22. The company has now revised his salary, to Rs 79.75 crore, up 88 per cent from his previous package. At India’s largest IT services company TCS, its CEO and MD Rajesh Gopinathan received a remuneration package of Rs 25.8 crore for FY22, up 26.6 per cent on year, the firm's annual report showed. BENGALURU: In the rapidly growing IT sector in India, every year, the paycheques of CEOs always come into focus. Of the many top IT companies, Wipro CEO and MD Thierry Delaporte is the highest paid, as he took home $10.51 million (nearly Rs 79.7 crore) in FY22, compared to his peers - Infosys CEO and MD Salil Parekh - Rs 71.02 crore and TCS CEO and MD Rajesh Gopinathan - Rs 26 crore in the last fiscal. According to Wipro’s annual report, Delaporte’s salary and allowances were $1.74 million, commission/variable pay stood at $2.54 million and $4.19 million in terms of other benefits. His long-term compensation (deferred benefit) during the last fiscal was $2.03 million. The compensation disclosed for Delaporte includes components such as a one-time cash award, as per the terms approved by the shareholders, the company said in the report. Delaporte, 54, who joined Wipro in July 2020, took home $8.79 million (Rs 64 crore) for nine months in FY21. Wipro chairman Rishad Premji’s compensation in the last fiscal was $1.81 million (Rs 13.6 crore) compared to $1.61 million (about Rs 11.7 crore) in FY21. No stock options were granted to Premji in FY22. The Bengaluru-based IT company has over 2,40,000 employees. In the last three fiscal years, the company has acquired many companies including Rizing, a global SAP consulting firm and Convergence Acceleration Solutions, a US-based consulting firm. “Mergers and acquisitions are an integral part of our business strategy because acquisitions help us leapfrog in strategic areas,” the company said. For FY22, the IT company’s consolidated revenues stood at Rs 79,093 crore. Delaporte compensation Chief Executive Officer and Managing Director of the Bengaluru-based IT bellwether Wipro, Thierry Delaporte, drew an annual pay check of $10.5 million in FY22, according to company's annual report. His cheque comprised salary and allowances worth $1.7 million; commissions/variable pay worth $2.5 million; long-term compensation or deferred benefits worth over $2 million and other variables amounting to $4.1 million, as per the report for 2020-21. Compensation given to the Wipro CEO and MD comprises components such as one-time cash award. Deferred benefits are payable via provident fund and social insurance (health and retirement funds) as applicable. Delaporte’s tenure as the CEO and Managing Director of Wipro will last for a duration of five years from July 6, 2020 to July 30, 2025. He currently owns 118,000 equity shares. What happens to Delaporte’s pay if he leaves Wipro as its CEO and MD or vice versa? The report mentions, “If his employment is terminated by the Company without Cause, the Company is required to pay Delaporte, severance pay of 12 months’ base salary as last applicable when in service, payable over a 12-month period following the date of termination. These payments will cease if Delaporte obtains a new employment within the 12 months period or becomes a consultant to any company.” Wipro chairman Rishad Premji received an annual pay worth $1.8 million in the same period. This includes salary and allowances worth $1.1 million; commissions/variable pay worth $634,487, deferred benefits worth $63,918 and other benefits worth $1,255. He did not receive any stock options in FY22. On the other hand, Premji has 1.7 million equity shares. Wipro shares on Friday traded 3.88 per cent lower at Rs 456.65 apiece on BSE during early trade hours.
Bangalore, India – April 18, 2022: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, announced the appointment of Satya Easwaran as the Country Head for India. Satya will be in charge of strengthening Wipro’s business in India across key industry sectors through strategic consulting, transformation and modernization engagements. He will help clients leverage Wipro’s capabilities and investments in Cloud, Digital, Engineering R&D, Data/Analytics and Cybersecurity to succeed in their business and digital transformation initiatives. Satya has global work experience driving end-to-end business transformation programs for leading enterprises in different sectors. Prior to joining Wipro, Satya was the Head of Business Consulting and the Telecom, Media & Technology (TMT) Sector Leader at KPMG India. In his tenure at KPMG, in India and the United States, and at Accenture India, Satya has held multiple leadership positions in management consulting with a focus on Software-as-a-Service (SaaS), cloud, digital, strategy and transformation. “India is a strategic market for Wipro and I am excited to welcome Satya to champion our bold ambition for growth and leadership here. Satya’s rich international experience in delivering high-value consulting services, and his track record of building successful sales and leadership teams will help strengthen Wipro’s positioning as a trusted partner for Indian clients”, said Anis Chenchah, CEO of APMEA (Asia Pacific, India, Middle East and Africa) and member of the Wipro Executive Board. “I am honoured to be a part of Wipro and lead this strategic geography. India is experiencing significant technology-led shifts and a growing demand for specialized skills and innovation – all of which present us with exciting opportunities to strengthen our partnerships with clients and deliver value to our ecosystem. I look forward to contributing towards Wipro's leadership in the India market,” said Satya Easwaran. Satya holds an Engineering degree in Electronics from Mumbai University, and a MBA in Finance and International Business from the Leavey School of Business, Santa Clara University. He is based in Mumbai. About Wipro’s business in India Wipro has several decades of strong presence and credibility in the India market. India is one of the six focus regions that comprise Wipro's APMEA (Asia Pacific, Middle East, India and Africa) Strategic Market Unit. In line with our ambition to drive growth and deliver higher value to our clients in India, we continue to strengthen our consulting capabilities, while focusing on technology innovation, domain expertise and ecosystem partnerships. Wipro is also well known for its sustainability and social good initiatives in India through the Wipro Foundation. About Wipro Limited Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 220,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future. Media Contact Sandeep Deb Varman Wipro Limited
Forward-Looking Statements The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. The conditions caused by the COVID-19 pandemic could decrease technology spending, adversely affect demand for our products, affect the rate of customer spending and could adversely affect our customers’ ability or willingness to purchase our offerings, delay prospective customers’ purchasing decisions, adversely impact our ability to provide on-site consulting services and our inability to deliver our customers or delay the provisioning of our offerings, all of which could adversely affect our future sales, operating results and overall financial performance. Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf. |
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