Azim Premji takes big cut, Wipro CEO gets 500 pc raise

New Delhi: Wipro chairman and managing director Azim Premji took a huge pay cut in the last fiscal. His remuneration fell to about Rs 1.9 crore in 2011-12 from Rs 4.5 crore in 2010-11.

His salary is just Rs 30 lakh with allowances a little over Rs 13 lakh. The annual report says his incentives total Rs 1.1 crore where as other annual compensation and deferred benefits make for Rs 16 lakh and Rs 26 lakh respectively.

At the same time, TK Kurien, chief executive officer-IT business and executive director of Wipro Limited, saw his package zoom from Rs 80 lakh to Rs 4.5 crore.

Wipro CMD Azim Premji took a huge pay cut in 2011-12, his remuneration fell to Rs 1.9 crore from Rs 4.5 crore.

Suresh C Senapaty, chief financial officer and executive director, saw his remuneration taking a nosedive in the last fiscal, down to Rs 1.8 crore from the Rs 4.3 crore he was entitled to in 2010-11.

Overall, the total remuneration paid to the top management personnel of the company came down significantly to Rs 8.7 crore in 2011-12. It was Rs 27.5 crore in 2010-11.

However, the IT and ITES major saw its employee wage bill, including salaries, bonuses and other staff payments, rise to Rs 15,400 crore in 2011-12 from Rs 12,700 crore in 2010-11.

However, the annual report did not mention the remuneration paid to Rishad Premji, chief strategy officer of IT business and son of CMD Azim Premji. In 2010-11, his total remuneration had stood at Rs 50 lakh.

The annual report also shows Rishad holding about 6.87 lakh Wipro shares while Azim Premji holds more than 9.3 crore shares. Their worth stands at Rs 28 crore and Rs 3,700 crore respectively.

(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)