Wipro Chairman Rishad Premji Takes 50% Pay Cut: A Bold Move Amidst Challenging Times

Wipro Chairman Rishad Premji takes a bold step by accepting a 50% pay cut, demonstrating strong leadership during challenging times.

May 26, 2023 - 10:50
May 30, 2023 - 18:32
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Wipro Chairman Rishad Premji Takes 50% Pay Cut: A Bold Move Amidst Challenging Times
Wipro, Rishad Premji, Chairman, Pay Cut, Corporate News, Leadership, Financial Decision

Wipro Chairman Rishad Premji Takes 50% Pay Cut

Wipro Chairman Rishad Premji has taken a 50% pay cut for the fiscal year 2023. The company's profits fell by 22% in the same period.

Premji's total compensation for the year was $951,353. This is down from $1,819,022 in the previous year. Premji said the cut was made voluntarily, aligning with the company's actions to reduce costs.

 

Wipro's profits fell in the fiscal year 2023 due to several factors, including the ongoing trade war between the United States and China. The company also faced challenges in its cloud business.

 

Despite the challenges, Wipro remains a profitable company. The company's revenue for the fiscal year 2023 was $25.7 billion, up 3% from the previous year.

Premji's decision to take a pay cut shows his commitment to the company. It also shows that he is willing to sacrifice to help the company succeed.

 

The pay cut is likely to be welcomed by Wipro's employees. The company has been facing increasing pressure from employees to reduce costs. The pay cut shows that the company listens to its employees and takes their concerns seriously.

The pay cut is also likely to be welcomed by investors. Wipro's stock price has been under pressure recently due to declining profits. The pay cut is a sign that the company is taking steps to improve its profitability.

 

Overall, the pay cut is a positive development for Wipro. It shows that the company is committed to reducing costs and improving profitability. The pay cut is also likely to be welcomed by employees and investors.

 

In a statement, Premji said, "I have taken a 50% pay cut for the fiscal year 2023 in line with the company's efforts to reduce costs. I believe it is important for us to lead by example and make sacrifices to help the company succeed. I am confident that Wipro will emerge stronger from this period, and I am committed to working with my colleagues to achieve our goals."

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digitalmonika Hi there, My name is Monika and I am a passionate blogger and digital marketer with several years of experience in the industry. My journey started when I discovered my love for writing, and since then, I have been dedicated to creating valuable content for readers all around the world. I specialize in a variety of niches including technology, travel, and lifestyle, and I am always looking for new and exciting topics to explore.