Wipro shareholder approve $ 4.33 million severance package for Delaporte

31 May 2024 , 02:51 PM

Wipro shareholders approved a $4.33-million severance package for former CEO and managing director Thierry Delaporte, with over 90% voting in favor, as per BSE data. As per sources, about 10% of the votes were against the resolution.

Wipro’s founder-chairman Azim Premji and related entities control the majority of shares, aiding in the resolution’s passage.

Delaporte resigned on April 6, and Srinivas Pallia, a 32-year company veteran, was appointed as his replacement. The company incurred ₹92.1 Crore in severance-related costs for Delaporte for FY24.

Wipro’s promoter and promoter group hold over 380 Crore shares, approximately 73% of the total, while the public holds over 141 Crore shares, accounting for 27%. For the resolution, over 45 Crore shares were in favor, while over 393 Crore shares were against.

Delaporte earned over $20 million (approximately ₹166 Crore) in FY24, making him the highest-paid CEO in the IT industry for the second consecutive year.

According to Wipro’s 20-F filings with the US SEC, Delaporte’s earnings included over $3.9 million as salary and allowance, over $5 million as commission/variable pay, almost $7 million categorized as others, and over $4 million as long-term compensation.

Delaporte’s successor, Pallia, will have an annual remuneration package of approximately ₹50 Crore, the second-highest among CEOs in the Indian IT industry for FY25.

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