NEW DELHI: Technology major Wipro's ex joint-CEOs Girish Paranjpe and Suresh Vaswani have been offered severance pay of Rs7 crore each.
According to a news report in DNA, the amount excludes the duo's December remuneration and stock-based compensation they are entitled to as directors.
The CEOs' golden parachute is subject to approval of shareholders. This was informed to the shareholders through a notice issued on Monday, says the report.
According to the note, "Board of director of the company accepted the resignation of Girish Paranjpe and Suresh Vaswani joint CEOs (IT business) and directors as a board member with effect from January 31 and agreed to pay a severance pay of Rs7 crore, subject to application deductions, in addition to December remuneration and stock-based compensation that the director is entitled to till January 31."
Last month, Wipro announced that Paranjpe and Vaswani are stepping down from their responsibilities and that T K Kurien has been appointed in their place.
The change is believed to have been prompted by the Azim Premji-owned Wipro's relatively poor performance compared to peers such as TCS and Cognizant. Even smaller rivals like iGate have done extraordinarily well in the past several quarters.