Wipro Approves $4.33 Million Severance Package For Former CEO Delaporte

Wipro shareholders approve $4.33 million severance for former CEO Thierry Delaporte with over 90% support.

Wipro shareholders have given their approval to a $4.33-million severance package for former CEO and Managing Director Thierry Delaporte, with over 90% of the votes in favor, as per data from the Bombay Stock Exchange (BSE).

Approximately 10% of the valid votes opposed the resolution. The majority of the shares have been held by Wipro’s founder-chairman, Aziz Premji and his related entities which help in passing of the resolution.

Delaporte stepped down from his position on April 6, and Srinivas Pallia, a veteran with 32 years of experience at Wipro, was appointed as his successor.

The company incurred termination-related expenses for the outgoing CEO in FY24 of ₹92.1 crore.

The latest shareholding shows that Wipro’s promoters and promoter group hold over 380 crore shares, which is about 73% of the total shares while public shareholders own over 141 crore shares, which is 27% of the total shares. More than 450 million shares were cast in favor of the resolution and 393 million against it.

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 Securities and Exchange Commission, Delaport’s income includes more than $3.9 million in salaries and bonuses, $5 million in commissions/variable pay, and other accruals. Distributed as a form, nearly more than $7 million, and in the long run, more than $40 million -time bonuses.

Delaporte’s successor Pallia plans to earn an annual salary of around ₹50 crore, making him the second highest paid CEO in the Indian IT industry for FY25.