Wipro Executive Chairman Rishad Premji did not receive the commission component of his salary for the second consecutive year in FY24, as per a Moneycontrol report.
This is because the company's incremental consolidated net profit for the year was negative. Premji is entitled to a 0.35 percent commission on incremental consolidated net profits.
Additionally, he took a pay cut of approximately 20 percent, reducing his FY24 compensation package to over 700 thousand dollars from last year's 900 thousand dollars.
His salary also decreased to 600 thousand dollars from 800 thousand dollars, according to Wipro's filings with the US markets regulator.
The pay cut coincides with Wipro's challenges of slowing growth and an expected revenue decline in the first quarter of FY25, attributed to a difficult macroeconomic environment. Rishad Premji was not granted any stock option this year as well.
Azim Premji's son assumed the chairmanship of Wipro in 2019 for a five-year term and has been reappointed for another five years until July 30, 2029.