Rishad Premji News Today

Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week weve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.

Happy Friday! The hike in H-1B visa fee will hurt IT service companies severely, experts have warned. This and more in todays ETtech Morning Dispatch.

Azim Premji handed over the reins of the multinational company to his son Rishad Premji after taking the company to new heights for around 53 years.

Wipro said it incurred severance-related costs worth Rs 92.1 crore towards the outgoing CEO in FY24.

Premji is entitled to a 0.35 percent commission on incremental consolidated net profits, but since it was negative, no commission was payable

Wipro said businesses have adopted a cautious approach to technology investments, leading to reduced discretionary spending

Wipro executive chairman Rishad Premji declined variable pay for the second consecutive year due to negative profit growth. He took a 20% pay cut, earning $769,456 in FY24. Former CEO Thierry Delaporte became the highest-paid IT sector CEO with $20.11 million in compensation for FY24, including a $11 million separation payment upon resignation.

Delaporte resigned on April 6, and the company appointed a veteran for 32 years, Srinivas Pallia, in his place.

India Business News: As the son of Wipro chairman Azim Premji, Rishad Premji is entitled to a commission of 0.35% on the incremental consolidated net profits of Wipro comp

Shares of Go Digit General Insurance started trading on the stock market Thursday. More on this in todays ETtech Top 5.