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Rishad Premji, the Executive Chairman of Wipro, has taken a voluntary cut in his salary for the fiscal year 2023, according to a recent filing made to the Securities and Exchange Commission in the US.
Compared to Premji’s compensation in 2022 of $1,819,022, the executive chairman has cut his compensation by $867,669, which reduces it by 50% and reaches $952,353 for the year 2023.
As per the Form 20-F submitted by Wipro Ltd to the US Securities and Exchange Commission, his salary comprises $861,620 in salary and allowances and $74,343 in long-term compensation benefits and $15,390 in other incomes.
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Premji’s compensation also included a cash bonus, which is a part of his fixed salary, however, there were no stock options granted to him in 2023. His current 5-year term as an executive chairman will conclude on July 30, 2024.
Premji joined Wipro in 2007 and assisted in several roles before becoming executive chairman in 2019. He initially worked as a general manager in Wipro’s Banking and Financial Services business, later went on to head Investor Relations, and then Wipro’s Strategy and M&A.
