Indian IT major Wipro on Saturday announced the resignation of Thierry Delaporte as CEO and appointed Srinivas Pallia as the company’s new CEO, effective immediately.
The announcement comes days before the Bengaluru-based company announces its fourth-quarter and full-year 2023-24 earnings on April 19. Wipro has been behind its peers on the performance front with subdued report cards and weak guidance and saw an avalanche. of high-level departures, including CFO Jatin Dalal and Chief Growth Officer Stephanie Trautman last year.
According to a statement from Wipro, Pallia brings to the CEO role extensive institutional and industry knowledge, as well as a strong track record of leadership through some of the most significant technological changes the industry has ever seen.
In a BSE filing on Saturday, Wipro said its board has taken note of Delaporte’s resignation with effect from April 6, 2024, adding that he will be relieved from the company’s employment with effect from the close of business hours at May. 31, 2024.
“In its meeting held on April 6, 2024… in accordance with the recommendation of the Nomination and Remuneration Committee, the Board of Directors approved the appointment of Srinivas Pallia as Chief Executive Officer and Managing Director of the company with effect from April 7, 2024, for a period of five years, subject to approval by shareholders and the Central Government, as applicable,” Wipro said in an exchange filing.
Before taking the reins of Wipro as CEO in July 2020, Delaporte worked with Capgemini. Delaporte’s annual salary of over Rs 80 crore at Wipro made headlines last year.
The $11.2 billion global information technology, consulting and business process services company competes in the global outsourcing market with Tata Consultancy Services, Infosys, HCL Technologies, Cognizant and other domestic and international IT players.
In a statement announcing the high-level changes, Wipro said the appointment of Pallia (a Wipro veteran) as CEO and CEO has “immediate effect” and that he will be based in New Jersey and report to Chairman Rishad Premji. . “He succeeds Thierry Delaporte, who, after leading a significant transformation at Wipro over the past four years, is leaving the role to pursue his passions outside the workplace,” said the company, which has 240,000 employees and business partners in 65 countries.
In his resignation letter to the Board, Delaporte wrote: “I am writing to resign from my position as CEO and CEO of Wipro Ltd, effective April 6, 2024. It has been an incredible honor and I am grateful for the opportunity.” having played a role in the growth and success of Wipro.
“During my tenure as CEO and CEO, we have witnessed a significant transformation within the company that has not only driven financial growth but also positively impacted our associates, customers and shareholders,” said Delaporte, looking forward to The company continues to be successful and prosperous in the future.
Pallia has been with Wipro for over three decades and most recently served as CEO of the ‘Americas 1’ region, which is Wipro’s largest and fastest growing strategic market. In this role, he oversaw various industry sectors, established their vision and implemented growth strategies, resulting in increased market shares within these sectors, according to the company.
Pallia is a member of the executive board of Wipro. “Srini is an ideal leader to lead Wipro at this crucial time for our company and industry. Over the last four years, Wipro has undergone a major transformation in the most challenging external conditions. Srini has been an integral part of this journey,” Rishad Premji, Chairman, Wipro Ltd.
Premji said Pallia’s customer-centric approach, growth mindset, strong focus on execution and commitment to Wipro’s values make him the “perfect fit” as the company enters the “next chapter.” of growth and profitability”.
“I would like to express my gratitude to Thierry for his leadership at Wipro. The changes he implemented have better positioned us for the future. We have optimized our structure, improved our leadership, prioritized partnerships and improved our overall efficiency. This provides a solid foundation on which Srini can effectively build,” Premji said.
Premji noted that Delaporte will continue until the end of May, working closely with him and Srini to ensure a smooth transition. Pallia joined Wipro in 1992 and has held numerous leadership positions, including President of Wipro’s Consumer Business Unit and Global Head of Enterprise Application Services.
Commenting on his appointment, Pallia described Wipro as one of those rare companies that combine profit with purpose, and said he feels “truly honored to have been chosen to lead this iconic institution.” “I am excited to build on the strong foundation established by Thierry and lead Wipro on its next growth trajectory. I have built my entire career at Wipro and deeply appreciate our 78-year history and our incredible team of over 240,000 associates,” Pallia said. .
He said Wipro has the right strategy and great people and capabilities across the organization, adding that he is “excited about the future growth opportunities.” Pallia holds a bachelor’s degree in engineering and a master’s degree in management studies from the Indian Institute of Science, Bangalore. He is a graduate of Harvard Business School’s Leading Global Businesses executive program and the McGill Executive Institute’s Advanced Leadership Program.
Delaporte said he is grateful to Premji and the Board for the opportunity to lead Wipro through a period of significant transformation.
Wipro had posted a nearly 12 per cent decline in consolidated net profit to Rs 2,694.2 crore in the third quarter ended December 2023. Rival Infosys posted a 7.3 per cent decline in net profit, while Tata Consultancy Services and HCL reported a decline of 8.2 per cent and 6.2 per cent. percentage increase in consolidated earnings in the December 2023 quarter.
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