Wipro seeks shareholder's approval for Rishad Premji's pay hike

BENGALURU: Wipro has sought shareholders' approval to revise the compensation of its chief strategy officer Rishad Premji, son of billionaire chairman Azim Premji. Rishad also has the responsibility of overseeing the company's new tech engagements with startups through its $100 million corporate venture arm.
Premji, who has been inducted into Wipro's highest decision-making body called the Group Executive Council (GEC), will get a fixed salary in the range of 1.3-3 crore per annum that comprises basic salary and various allowances.He is also eligible for a target variable pay of 70 lakh to 7 crore per annum, besides other perks and benefits, including insurance and travel reimbursements. He was paid $325,462 ( 2.15 crore) as total compensation in 2015-16, the year he also joined the board.

The Harvard Business School graduate, who joined Wipro in 2007, has risen up the ranks and is now helping steer the company into newer technologies like cloud, analytics, mobility and artificial intelligence. Wipro Ventures has made six investments worth $20 million in early to mid-stage startups, including US-based artificial intelligence startup Vicarious.
The company has also sought shareholders' nod to reappoint its vice chairman T K Kurien as executive director of the company to hold office from February 1 to March 31, 2017. Last year, Kurien took home $2.1 million (excluding stocks) compared to $1.5 million in the year before. Wipro has also sought the appointment of Wipro CEO Abid Ali Neemuchwala as executive director. Neemuchwala took home $1.8 million in annual compensation last year. He was COO for most of last fiscal.