Wipro's outgoing Executive Chairman Azim Premji saw his pay package rise almost 95 per cent to USD 262,054 (about Rs 1.81 crore) during fiscal 2019. His son, Rishad Premji, who is set to take over the reins of the Bengaluru-based software services company soon, took home a compensation of USD 987,652 (about Rs 6.8 crore) in 2018-19, Wipro said in a regulatory filing on Tuesday.
In dollar terms, this is 9.1 per cent more than the compensation of USD 904,528 that he drew in fiscal 2018. Wipro Chief Executive Abidali Z Neemuchwala saw his pay package grow 41 per cent to USD 3.9 million (about Rs 27.3 crore) during 2018-19 as compared with the previous fiscal.
Last week, Wipro had said its founder Azim Premji will retire by July-end and handover reins of the firm to his son, Rishad. Premji, who turns 74 next month, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years.
As per the Tuesday filing, Azim Premji received USD 62,322 in salary and allowances, USD 131,231 as commission/variable pay, USD 55,705 (others) and USD 12,796 in long-term compensation in 2018-19.
Neemuchwala received over USD 1 million in salary and allowances, USD 891,760 as commission and variable pay, over USD 2 million (others) and rest in long-term compensation in 2018-19, the filing added.