Wipro chairman Rishad Premji's compensation down 50% as profits fall

Company filing says 'no commission payable for fiscal year'; CEO and CFO take cuts too

Wipro chairman Rishad Premji saw his total compensation in FY23 fall almost 50 per cent year-on year (YoY) after he had to forgo commission (variable pay) due to falling profits at the IT services firm.

Premji’s total compensation for FY23 was $951,353, down from $1,819,022 in FY22, according to a Wipro filing with the US Securities and Exchange Commission.

“Rishad A Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023