Wipro’s CEO Abidali Neemuchwala sees 35% hike in salary, takes home Rs 18.34 crore in FY18, all details here

IT-service provider Wipro has released its annual report for the fiscal year FY18 today, where it revealed that their CEO and Executive Director Abidali Neemuchwala has received a massive over 35% hike in his salary by end of the fiscal. The increase pay of Abidali comes despite the company posting a disappointing performance in fourth quarter of FY18. Wipro missed analysts estimates  in terms of consolidated net income for the fourth quarter ended March 2018 results, as the company posted income of Rs 1,800.80 crore in Q4FY18 witnessing a decline of 20.56% compared to net income of Rs 2,267 crore in the corresponding period of the previous year.

In the latest annual report, it is being known that, Abidali who joined Wipro in April 2015,  has taken home a salary of Rs 18.23 crore which is higher by 34.50% compared to previous fiscal payout of Rs 13.56 crore.

Remuneration comprises of salary, allowances, commission, performance based payments, perquisite and Company’s contribution to provident fund and superannuation as per the definition contained in Section 2(78) of the Companies Act, 2013 paid during the year. It also includes perquisites value of Restricted Stock Units (RSUs) exercised, if any, by employees.

During Q4FY18 announcement, Abidali said - “Our investments in Digital and our efforts in client mining are paying off well. Our strong order bookings in the last two quarters provide us the right foundation to grow as we progress through the year.”

At Wipro, Abidali  oversees over $8 billion in revenue and more than 160,000 employees serving clients across six continents.

Previously as the COO, Abid spearheaded several initiatives that helped create a more nimble and agile organization, and accelerated Wipro’s ability to not only respond to customers in the digital age, but also ensure deeper employee engagement.

Abidali has over 25 years of experience in the IT services industry, with deep operational knowledge and broad strategic insight in building and scaling businesses. He is an advocate of change and believes simplification of processes, belief in people and customer centricity is the key to success. Prior to Wipro, Abid has held key leadership roles with Tata Consultancy Services, in business, technology, sales, operations and consulting.

He was recognized as the BPO CEO of the year in 2010. In 2012, he was recognized for his contribution to the IT services industry by the Shared Services Organization of IPOC.

Abid has a Master’s degree in Industrial Management from lIT Mumbai and a Bachelor’s in Electronics and Communication from NIT, Raipur. He is a Certified Software Quality Analyst and a Certified Six Sigma Green Belt.