Wipro promoter Azim Premji (File photo)
BENGALURU: Wipro promoter Azim Premji and chairman Rishad Premji have forgone profit-linked commission payable to them for the last fiscal in a show of “solidarity with the team in facing the challenge” of Covid-19, the company said in its annual filing with the US Securities and Exchange Commission.
That led to the junior Premji’s annual compensation dropping by about 31% to $683,496 in 2019-20, from $987,652 in the year before. The compensation includes salary, variable pay, other pay and long-term compensation, which are deferred benefits.
Azim Premji’s total compensation shrank 48% to $135,772 between April 1 and July 30, 2019, when he stepped down as chairman.
Wipro also cautioned, like rival Infosys, that the impact of Covid-19 can be long drawn and can include cuts in customer spending, increased requests for furloughs, pricing pressure and delay in decision making.