The number of executives at Wipro raking in million-dollar paychecks
witnessed a sharp decline from last year, mirroring a trend that was
also seen at cross-town arch-rival Infosys.
According to Wipro's latest annual report, the number of crorepatis at Wipro stood at 51 for the year ended March 2016, compared to 70 last year.
"There has been a change in methodology with respect to inclusion of Restricted Stock Units as part of employee compensation for the current year and therefore the comparison of compensation with previous year is not on an apple to apple basis," said Wipro in a statement.
Part of the reason for the fall in numbers is due to some high-profile executive level departures, such as former healthcare head Sangita Singh, former telecom chief Ayan Mukerji, former business operations head Satishchandra Doreswamy and former Continental Europe head Ulrich Meister.
A similar trend was at play at larger rival Infosys as well, although the reasons for fall in numbers was due to payouts of one-time bonuses during the 2014-15 that led to a temporary inflation of salaries during the fiscal. During 2015-16, the number of Infosys employees earning annual salaries of at least Rs 1 crore fell to less than half to 54.
Under the earlier policy at Infosys, the company rewarded executives above the associate vice-president level with long-term bonuses that had accumulated over a period of three years, after these executives completed at least one year in that role.
As a result, in 2014-15, the number of crorepatis at Infosys jumped nearly 10 times to 113.
The Companies Act makes it mandatory for all listed firms to disclose the names of executives and employees based in India who are drawing annual paychecks of Rs 60 lakhs or more. Most of these executives were at the vice president or above.
In his first year at Wipro, CEO Abidali Neemuchwala took home an annual pay package of $1.8 million, according to a regulatory filing in May.
Other executives such as former CEO and current vice chairman TK Kurien witnessed a significant jump in pay, in a year when Wipro recorded its slowest rate of revenue growth in nearly a decade. Kurien's pay package, excluding his earnings from stock holdings, jumped to $2.1 million, compared with the $1.5 million he took home last year.
Bangalore-based Wipro's strategy chief and board member, Rishad Premji, drew a pay package of about Rs. 2.15 crore during the 2015-16 financial year.
According to the company's latest annual report, Rishad Premji currently jointly owns about 686,666 shares in Wipro with his father and Wipro chairman Azim Premji. Rishad Premji's annual salary does not include earnings from his shareholding in Wipro. Azim Premji and his family currently holds a 73.34% stake in Wipro.
According to Wipro's latest annual report, the number of crorepatis at Wipro stood at 51 for the year ended March 2016, compared to 70 last year.
"There has been a change in methodology with respect to inclusion of Restricted Stock Units as part of employee compensation for the current year and therefore the comparison of compensation with previous year is not on an apple to apple basis," said Wipro in a statement.
Part of the reason for the fall in numbers is due to some high-profile executive level departures, such as former healthcare head Sangita Singh, former telecom chief Ayan Mukerji, former business operations head Satishchandra Doreswamy and former Continental Europe head Ulrich Meister.
A similar trend was at play at larger rival Infosys as well, although the reasons for fall in numbers was due to payouts of one-time bonuses during the 2014-15 that led to a temporary inflation of salaries during the fiscal. During 2015-16, the number of Infosys employees earning annual salaries of at least Rs 1 crore fell to less than half to 54.
Under the earlier policy at Infosys, the company rewarded executives above the associate vice-president level with long-term bonuses that had accumulated over a period of three years, after these executives completed at least one year in that role.
As a result, in 2014-15, the number of crorepatis at Infosys jumped nearly 10 times to 113.
The Companies Act makes it mandatory for all listed firms to disclose the names of executives and employees based in India who are drawing annual paychecks of Rs 60 lakhs or more. Most of these executives were at the vice president or above.
In his first year at Wipro, CEO Abidali Neemuchwala took home an annual pay package of $1.8 million, according to a regulatory filing in May.
Other executives such as former CEO and current vice chairman TK Kurien witnessed a significant jump in pay, in a year when Wipro recorded its slowest rate of revenue growth in nearly a decade. Kurien's pay package, excluding his earnings from stock holdings, jumped to $2.1 million, compared with the $1.5 million he took home last year.
Bangalore-based Wipro's strategy chief and board member, Rishad Premji, drew a pay package of about Rs. 2.15 crore during the 2015-16 financial year.
According to the company's latest annual report, Rishad Premji currently jointly owns about 686,666 shares in Wipro with his father and Wipro chairman Azim Premji. Rishad Premji's annual salary does not include earnings from his shareholding in Wipro. Azim Premji and his family currently holds a 73.34% stake in Wipro.
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