Wipro's new CEO gets Rs10-crore annual pay package
21 Mar 2011
T K Kurien, the new chief executive of Wipro and head of the company's IT business, will get an annual salary package of up to Rs10 crore.
As per the terms of appointment, Kurien's salary is in the range of minimum Rs3 crore and a maximum Rs10 crore a year, Wipro said in a filing with the Bombay Stock Exchange (BSE).
The board of directors of Wipro Ltd, based on the recommendations of the board of governance and nomination committee has approved the remuneration on February 28, 2011 for Mr T K Kurian who was appointed as CEO (IT business) and executive director with effect from February 1, 2011, for a period of five years, Wipro said in its filing with the Bombay Stock Exchange (BSE).
"T K Kurian, a chartered accountant by profession, has been instrumental in building and scaling many of the businesses successfully. His track record with customers, passion for excellence coupled with strategic thinking and rigour in execution makes him uniquely positioned to lead Wipro's IT business," the filing added.
The pay package includes periodic increments, variable pay (based on performance criteria), leave travel allowance, house rent allowance, company provided car and driver, furniture and equipment and provident fund among others.
Kurien is so far the highest paid CEO in the India IT space.
Based on the annual reports, TCS paid its CEO and managing director S Ramadorai Rs3.61 crore in salary, benefits and perks and commission for the period between 1 April 2009 and 5 October 2009 while Infosys CEO and MD S Gopalakrishnan received a compensation of Rs1.01 crore during the 2009-10 financial year.