Latest News | Wipro Shareholders Approve Resolution on USD 4.3 Mn Severance Package for Ex-CEO

New Delhi, May 31 (PTI) Shareholders of Wipro have approved payment of USD 4.3 million cash severance package for Thierry Delaporte, its former CEO and Managing Director, with 89.7 per cent voting in favour of the resolution.

The Bengaluru-headquartered Indian IT major had announced the resignation of Delaporte in April this year, and had named Srinivas Pallia as the new Chief Executive Officer.

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During the voting exercise on the resolution pertaining to payment of USD 4.33 million in cash compensation and applicable social security contributions for Delaporte, 89.7 per cent voted in favour with 10.31 voting in dissent, according to a BSE filing.

"The Chairman noted the results of voting as stated above and it was declared and recorded that the ordinary resolutions as set out in the Notice of Postal Ballot dated April 19, 2024 were duly passed by the Members on Wednesday, May 29, 2024 with requisite majority," Wipro filing said.

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Wipro's Founder-Chairman Azim Premji and the promoter group entities hold majority shares in the firm (almost 73 per cent), which aided the passage of the resolution.

Meanwhile, shareholders have also approved Pallia's appointment as CEO and managing director of the company, with as many as 99.83 per cent votes in favour of the said resolution.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)