Commissions and incentives dominate Wipro senior management?s paychecks in the just-concluded fiscal ? or so it seems. A filing by the technology major with the US Securities & Exchange Commission reveals that while senior management took home lower salary for fiscal 2008-09 against the levels in 2007-08, it was more than made up by high commissions and incentives.
Wipro CFO Suresh Senapaty had commissions and incentives of $119,443 during FY2009 compared to a paltry $13,374 in FY2008. In the case of Suresh Vaswani, joint CEO of the company?s IT business, commissions were $161,979 against $13,180 while for Girish Paranjpe, the other joint CEO, it was $150,944 last fiscal against $16,756 in the previous fiscal. The only one who took a cut in commissions and incentive was chairman Azim Premji, who took home $105,710 in FY2009 compared to $127,621 in FY2008.
While incentives went up, there was a drop in salaries with Senapaty getting $ 2 1 5 , 3 8 8 ($237,674 in the previous fiscal), Vaswani $209,035 ($259,216) and Paranjpe $202,638 ($232,148).
The highest paid (taking into account salary and commissions) employee in Wipro for FY2009 was Vaswani at $371014, followed by Paranjpe at $353312, Senapaty at $334831 and lastly Premji at $190439.
On a different note, the filing also said that as of March 2009, Wipro had more than 1100 registered trademarks including registered community trademarks in India, Japan, US, Malaysia and the British Virgin Islands. ?We also have 18 registered copy rights and 11 registered Designs. We have about 12 applications and 5 applications pending for registration of Designs and Copyrights respectively? the filing went on to add.
Source: The Economic Times
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