The month of April is going on. Usually this is the month of appraisal, but due to recession, a large number of layoffs are taking place in some companies. Meanwhile, Wipro has taken a big decision and appointed a new CEO. Although this was already announced. Wipro’s new CEO Srinivas Palliya will get an annual package of up to US $ 60 lakh (about Rs 50 crore), which will include salary and other benefits provided by the company.
The board took these important decisions
The Bangalore based IT company gave this information to the stock market. Wipro had in April announced the appointment of Palliya as its new CEO and MD following the sudden resignation of Thierry Delaporte. Last year, Delaporte’s annual salary of more than Rs 80 crore at Wipro was in the news. Wipro told the stock exchange that Palliya’s remuneration will be between $3.5 million and $6 million per annum (depending on the base salary and the bottom and top level of payment based on variable pay). The company said the actual payout will be based on organization-level achievements on revenue and profit norms and other norms of the board of directors.
Wipro has also granted long-term incentives to Palliya in the form of American Depositary Shares (ADS), Restricted Share Units (ADS RSU) and ADS Performance Share Units (ADS PSU), amounting to US$ 4 million. The company’s board has also approved giving cash to former CEO and MD Thierry Delaporte.
The company had made big layoffs
Wipro announced its fourth quarter results on Friday. By March 2024, the number of its employees has come down to 2,34,054, which was 2,58,570 at the end of the same month a year earlier. In this way, in the financial year ending March 2024, the number of employees of the company has decreased by 24,516.
