Wipro Chief Executive Officer and Managing Director Thierry Delaporte has resigned from his position on April 6, the company informed the exchanges. The software major said it has appointed Srinivas Pallia as the CEO and MD of the company.
He succeeds Thierry Delaporte, who, after spearheading a significant transformation at Wipro for the last four years, is stepping down to pursue passions outside the workplace.
Unlike Thierry, who was brought in from Capgemini to lead Wipro four years ago, Pallia is a Wipro veteran and has spent over three decades at the Azim Premji promoted firm.
Also read: Srinivas Pallia’s ascent to Wipro CEO will ensure smooth transition, say industry experts
Pallia has been with Wipro for over three decades and most recently served as the CEO for Americas 1, Wipro's biggest and fastest-growing strategic market. In this role, he oversaw diverse industry sectors, established their vision, and implemented growth strategies, resulting in increased market shares within these sectors. Pallia is a member of the Wipro Executive Board.
Thierry’s resignation comes amid quarters of underperformance, where Wipro has lagged its rivals. It also witnessed a string of top-level exits, even as Delaporte brought in more leaders from Capgemini.
Also read: Five reasons why Thierry Delaporte may have quit as Wipro CEO
As investors and shareholders raised questions about its performance, chairman Rishad Premji insisted that Thierry had his confidence. On January 18, Wipro Executive Chairman Rishad Premji told Moneycontrol that Delaporte has the full support of the board, on chatters of whether the board supports the current management.
Delaporte, in his resignation letter, said it was an "incredible honour" to have played a role in the growth and success of Wipro. "During my tenure as CEO and MD, we have witnessed a significant transformation within
the company that has not only driven financial growth but has also positively impacted our associates, clients, and shareholders," Delaporte was quoted as saying in the release.
In 2023 alone, over 10 senior leadership members had quit the company including chief growth officer Stephanie Trautman, chief financial officer Jatin Dalal, Chief Operations Officer Sanjeev Singh, Americas 2 CFO Nithin V Jaganmohan, and others.
Commenting on the appointment, Premji said Pallia's client-centric approach, growth mindset, strong execution focus, and commitment to Wipro's values, make him the perfect fit for the role.
“I’d like to express my gratitude to Thierry for his leadership at Wipro. The changes he implemented have better positioned us for the future," Premji said.
Premji added that Delaporte will continue until the end of May, working closely with Pallia and himself to ensure a smooth transition.
Also read: Who is Srinivas Pallia, the new CEO and MD of Wipro? Here is all you need to know
As of its Q3FY24 earnings, the company had reported a fall in profit for the fourth consecutive quarter, which fell 12 percent year-on-year (YoY) and stood at Rs 2,694 crore.
The Bengaluru-headquarter company had also adjusted its revenue growth guidance for the fourth quarter at both the lower and upper end. It updated its revenue growth guidance of -1.5 percent to 0.5 percent. This came after the company slashed the guidance to -3.5 percent to -1.5 percent in the previous quarter.
Also read: Wipro rejigs growth organisation, chief growth officer departs
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