The IT major in a filing with BSE also said that the former CEO, Thierry Delaporte will be paid $4.33 million in the form of cash compensation and applicable social security contributions, subject to appropriate deductions. Meanwhile another exchange filing also shows that Delaporte sold all his stocks (about 4,72,292 Wipro shares) worth Rs 21.4 crore this month.
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Wipro disclosed in its filing that Pallia’s basic pay would range between $1,750,000 per annum to $3,000,000 per annum. He will also receive a target variable pay in the range of $1,750,000 per annum to $3,000,000 per annum. The actual payout will vary based on the organization level achievement on parameters of revenue and profit, and such other criteria as may be determined by the Board of Directors, from time to time, added the company.
The new CEO will also receive long-term incentives i.e. “stock compensation through grant of American Depository Shares (ADS) Restricted Stock Units (ADS RSUs) and ADS Performance Stock Units (ADS PSUs) aggregating to an amount $4,000,000, consisting of ADS RSUs worth of $1,400,000 and ADS PSUs worth of $2,600,000”.
Vesting schedule of RSUs and PSUs is – 25% on May 2, 2025, 25% on May 2, 2026 and 50% on May 2, 2027.
Vesting of PSUs shall be subject to achievement of revenue, margin, and free cash flow targets as per company policy, and such other criteria as may be determined by the Board of Directors, from time to time, added the company.
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Pallia’s contract with Wipro as CEO and MD is for a period of five years with effect from April 7, 2024 to April 6, 2029. The BSE filing also said that the appointment may be terminated by either party by giving notice to the other party of such termination or paying salary in lieu of notice period.“If the agreement is terminated by the Chief Executive Officer and Managing Director, he is required to give prior written notice of six months to the Company or pay to the Company six months’ base pay in lieu of the notice. If the agreement is terminated by the Company, the Company is required to pay to the Chief Executive Officer and Managing Director severance pay equivalent of 12 months’ base pay.”
