Processing .....please wait.. 
The article has been forwarded.... 
Wipro offers up to 
10 Crore package to new CEO
Tuesday, 22 March 2011, 13:28 IST |
14 Comments
10 Crore to its newly appointed CEO, T K Kurien. He has become one of the highest-paid executives at an Indian IT firm. The company disclosed Kurien's annual salary, including variable pay and periodic increments. He was appointed as the CEO and IT business of Wipro technologies on February 1 for a period of five years.
Kurien has been appointed to get the IT business back on growth for the company. The remuneration for Kurien ranges from 3 Crore to 10 Crore per annum. His salary will include periodic increments which will be approved by the board based on performance criterion.
In addition to this, Kurien also be entitled to enjoy perquisites and other allowances, including employee stock options, grant of restricted stock units and other stock-based compensation. Kurien's salary beats the salary numbers of all other CEO's in the IT sector. Kurien's salary is even higher than Cognizant's CEO Francisco D'Souza. For 2010, D'Souza received a salary of $539,100 (around Rs 2.4 Crore) and bonus of $816,968 (around Rs 3.67 Crore). For 2011, D'Souza will draw a salary of $566,500 (around Rs 2.54 Crore). Tata Consultancy Services, CEO and MD N Chandrasekaran received 3 Crore for the financial year 2009-2010. This included salary of Rs 46.7 lakh, perks allowance of Rs 51.12 lakh and commission of Rs 2 crore. Infosys CEO and MD S Gopalakrishnan received Rs 1.01 Crore during the fiscal 2009-10, says the company's annual report. The only other CEO that comes near to what Kurien or D'Souza earns is HCL Technologies CEO Vineet Nayar. For the year ended June 2010, Nayar's compensation amount was Rs 4.54 Crore, besides 1,000,000 equity shares.
Suresh Vaswani and Girish Paranjpe, the erstwhile CEO's of Wipro, drew Rs 3.1 Crore and Rs 2 Crore in the 20-010, respectively. In February this year, Wipro appointed Kurien to lead Wipro's IT business after sacking joint CEOs - Girish Paranjpe and Suresh Vaswani and dismantling the joint CEO system.
While naming Kurien as the new CEO, Wipro Chairman Azim Premji said the company was going back to the single CEO structure as it wanted a leaner and more efficient firm.
Source: PTI