The trouble of IT companies is not taking its name. Rapid retrenchment of first employees. Now scissors on the salary of the chairman. In fact, the biggest impact of recession has been seen on the IT sector only. The salary of Rishad Premji, the executive chairman of Wipro, one of the country's biggest IT companies, has come down to half.
For the financial year 2023, Wipro's executive chairman Rishad Premji has taken a voluntary cut in his compensation. According to the information given to the American Security and Exchange Commission, Rishad Premji has foregone his salary.
Salary reduced from 15 crores to 7 crores
According to the information given to the US Security Exchange Commission, Rishad Prem ji received $ 9,51,353, about Rs 7.87 crore, as compensation in the last financial year. Whereas in the previous year, his compensation was $ 1,819,022, about Rs 15.5 crore. In this context, his salary has been cut by about 50 percent. The compensation received by Rishad Premji includes salary, allowances, term benefits and other income.
Why cut
In fact, the consolidated net profit of the company was negative. That's why the company's chairman Rishad Premji has taken the decision of voluntary cut. At the same time, he has not been given any stock option in the financial year 2023. Rishad Premji was made the executive chairman of the company in the year 2019. Although Rishad has been associated with the company since 2007. His term as executive chairman ends on July 20, 2024.
What is the condition of the company
IT company Wipro suffered a loss in profits in the fourth quarter. During this period, the company's profit fell by 0.4 per cent to Rs 3,074 crore. While the company's profit during the same quarter last year was Rs 3,087 crore. The company's stock fell 1.18 percent to close at Rs 395 in today's trade. On the other hand, in the last one month, the stock of the company has registered a gain of 5.46 percent.
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