Majority of Wipro’s public shareholders reject $4.33Mn severance for Delaporte

More than three-fourths of Wipro’s public shareholders voted against the $4.33 million (Rs 36.15 crore) cash severance package for former Chief Executive Thierry Delaporte, as indicated by a regulatory filing from the company.

According to voting records published on the BSE website, 78.4% of Wipro’s public shareholders, accounting for 10.31% of its total shareholders, opposed the cash compensation awarded to Delaporte.

Among the dissenting shareholders were at least seven large foreign institutional investors, including a UK fund and a Canadian investor.

Despite the opposition, the resolution passed with 89.69% of the overall vote due to Wipro’s 73% promoter holding, allowing the cash compensation to be awarded to Delaporte, who resigned in April this year.

Delaporte stepped down a year before the end of his five-year term at the helm of India’s fourth-largest IT services firm.

Following his resignation, Wipro announced it had agreed to pay Delaporte $4.33 million, potentially the highest cash payment made to an outgoing executive at the company.

In fiscal 2024, Delaporte earned over $20 million (about Rs 166 crore), making him the highest-paid CEO in India’s IT industry for the second consecutive year.

According to a recent Wipro filing with the US Securities and Exchange Commission, Delaporte’s earnings included over $3.9 million in salary and allowances, over $5 million in commission/variable pay, almost $7 million classified as others, and $4.33 million as long-term compensation.

In a BSE filing, Wipro also announced the shareholders’ approval of Srinivas Pallia’s appointment as the company’s CEO and Managing Director.


Magazine made for you.


No posts were found for provided query parameters.