Wipro CEO Abid Ali Neemuchwala's remuneration sans stock crosses $1.3 million

BENGALURU: Wipro CEO Abid Ali Neemuchwala will get a remuneration in the range of $1.3 million to $2.19 million, excluding stock-based compensation and other perks and benefits. Neemuchwala, who took over as the CEO of the $7.5-billion company on February 1, will receive a base pay in the range of $8,00,004 to $1.2 million and a target variable pay between $5,00,004 and $999,996 annually, according to filings with the Registrar of Companies.

Neemuchwala, who is based in Dallas, US, has also been granted restricted stock units, employee stock options and other stock-based compensation that's decided by the board based on the recommendation of the nomination and compensation committee. The details of the stock compensation have not been disclosed, and without that a proper comparison with peers is difficult.

Rival Infosys recently increased CEO Vishal Sikka's salary to an overall $11 million from $7.08 million previously. Cognizant's CEO Francisco D'Souza, who is based in the US, took home a package of $11.3 million and TCS CEO N Chandrasekaran, who is based in India, received Rs 21.28 crore (about $3 million) last year.

Wipro's executive vicechairman T K Kurien is getting a package of Rs 8.46 crore.But the package excludes stock compensation and other benefits. Kurien's term came into effect on February 1 through March 31, 2017.