Premji takes a cut, colleagues enjoy hike
By siliconindia   |   Friday, 22 May 2009, 15:48 IST   |    11 Comments
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Premji takes a cut, colleagues enjoy hike
New York: The retrenchment measures in Wipro have taken a toll on the pay packet of its chief Azim Premji, who took a 10 percent cut on his annual compensation, while the other top brass enjoyed a hike. The total remuneration paid to Premji dipped by $32,414 (14 lakh approx.) in the fiscal year 2008-09 to $2,96,142 (1.37 crore approx.). India's third largest IT exporter, listed at New York Stock Exchange, had paid a total remuneration of $3,28,556 to its Chairman in the previous fiscal. However, the company has paid higher remuneration to many of its other executive directors and senior management personnel in 2008-09, according to its annual report filing with the U.S. market regulator SEC. The compensation paid to the non-executive directors also increased. The pay package for executive directors like Suresh Senapaty, Pratik Kumar, Suresh Vaswani and Girish S Paranjape also rose in 2008-09. For its non-employee directors, Wipro said, "The attendance fee was raised to 20,000 per meeting with effect from August 1, 2008, from 10,000 previously. Besides, the company paid a total of Rs 1.46 crore as commission to them in 2008-09, up from about 86.02 lakh in the previous year."

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