Source : The Times of India, Last updated : 11 Jun 2019,9:20 pm

Azim Premji's pay package rose 95% in FY19: Wipro

Azim Premji's pay package rose 95% in FY19: Wipro
NEW DELHI: Wipro's outgoing executive chairman Azim Premji saw his pay package rise almost 95 per cent to $262,054 (about Rs 1.81 crore) during fiscal 2019. His son, Rishad Premji, who is set to take over the reins of the Bengaluru-based software services company soon, took home a compensation of $987,652 (about Rs 6.8 crore) in 2018-19, Wipro said in a regulatory filing on Tuesday.

Rishad Premji has very big shoes to fill at Wipro

It's son-rise at Wipro. In a transition that was on expected lines and set in motion over a decade ago, Rishad Premji, Azim Premji’s firstborn, will take over as Wipro chairman in July. Premji Jr, the Cathedral boy from Mumbai with a business degree from Harvard Business School, has done multiple gigs at Wipro.

In dollar terms, this is 9.1 per cent more than the compensation of $904,528 that he drew in fiscal 2018.

Wipro chief executive Abidali Z Neemuchwala saw his pay package grow 41 per cent to $3.9 million (about Rs 27.3 crore) during 2018-19 as compared with the previous fiscal.

Last week, Wipro had said its founder Azim Premji will retire by July-end and handover reins of the firm to his son, Rishad.

Azim Premji, IT’s marathon man, to call it a day after 53 years

Azim Premji, who transformed the cooking oil company his father started in 1945 into a $25 billion (Rs 1.8 lakh crore) IT powerhouse, will retire as executive chairman on July 30. Premji will be succeeded by his elder son, Rishad Premji, a Harvard Business School and London School of Economics graduate, who joined the firm in 2007.

Premji, who turns 74 next month, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years.

As per the Tuesday filing, Azim Premji received $62,322 in salary and allowances, $131,231 as commission/variable pay, $55,705 (others) and $12,796 in long-term compensation in 2018-19.

Neemuchwala received over $1 million in salary and allowances, $891,760 as commission and variable pay, over $2 million (others) and rest in long-term compensation in 2018-19, the filing added. Go to Source