Thierry Delaporte resigns; Srinivas Pallia named Wipro's new CEO

Indian IT major Wipro on Saturday announced the resignation of Thierry Delaporte as CEO and named Srinivas Pallia as the new Chief Executive Officer of the company effective immediatelyThe announcement comes days before the Bengaluruheadquartered company is scheduled to announce its Q4 and fullyear earnings for 202324 on April 19 Wipro has been trailing its peers on the performance front with subdued report card and weak guidance and saw a spate of seniorlevel departures including CFO Jatin Dalal and chief growth officer Stephanie Trautman last yearAccording to a Wipro release 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 shifts the industry has seenIn a BSE filing on Saturday Wipro said its Board noted the resignation of Delaporte with effect from April 6 2024 and went on to add that he will be relieved from the employment of the company with effect from the close of business hours on May 31 2024At their meeting held on April 6 2024pursuant to the recommendation of the Nomination and Remuneration Committee the Board of Directors has approved the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company with effect from April 7 2024 for a period of five years subject to the approval of shareholders and the Central Government as may be applicable Wipro informed in an exchange filingBefore taking over the reins of Wipro as its CEO in July 2020 Delaporte worked with Capgemini Delaportes annual salary of over Rs 80 crore at Wipro had made headlines last yearThe USD 112 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 international and domestic IT playersIn a release announcing the toplevel changes Wipro said the appointment of Pallia a Wipro veteran as the Chief Executive Officer and Managing Director is effective immediately and that he will be based in New Jersey and report to Chairman Rishad Premji 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 said the company which has 240000 employees and business partners across 65 countriesIn his resignation letter to the Board Delaporte wrote I am writing to resign from my position as CEO and MD of Wipro Ltd effective April 6 2024 It has been an incredible honour and I am grateful for the opportunity to have played a role in the growth and success of WiproDuring 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 said wishing the company continued success and prosperity in the futurePallia has been with Wipro for over three decades and most recently served as the CEO for Americas 1 region which is Wipros 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 according to the companyPallia is a member of the Wipro Executive Board Srini is an ideal leader to lead Wipro at this pivotal moment for our company and industry Over the past four years Wipro has undergone a major transformation under the most challenging external conditions Srini has been an integral part of this journey Rishad Premji Chairman of Wipro Ltd saidPremji said Pallias clientcentric approach growth mindset strong execution focus and his commitment to Wipros values make him the perfect fit as the company enters the next chapter of growth and profitabilityId 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 optimised our structure enhanced our leadership prioritised partnerships and improved our overall efficiency This provides a strong foundation for Srini to effectively build upon Premji saidPremji noted that Delaporte will continue until the end of May working closely with Srini and him to ensure a smooth transition Pallia joined Wipro in 1992 and has held many leadership positions including President of Wipros Consumer Business Unit and Global head of Business Application ServicesCommenting on his appointment Pallia described Wipro as one of those rare companies that combine profit with purpose and said he is truly honoured 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 I have a deep appreciation of our 78year history and our incredible team of more than 240000 associates Pallia saidHe said Wipro has the right strategy and tremendous people and capabilities throughout the organisation and added he is excited about the opportunities for future growth Pallia holds a bachelors degree in engineering and a masters in management studies from the Indian Institute of Science Bangalore He graduated from Harvard Business Schools Leading Global Businesses executive program and the Advanced Leadership Program at McGill Executive InstituteDelaporte said he is grateful to Premji and the Board for the opportunity to lead Wipro through a period of significant transformationWipro had posted a nearly 12 per cent decline in consolidated net profit at Rs 26942 crore in the third quarter ended December 2023 Rival Infosys posted a 73 per cent decline in net profit while Tata Consultancy Services and HCL reported an 82 per cent and 62 per cent increase in consolidated profit in the December 2023 quarterThis story has been sourced from a third party syndicated feed agencies Midday accepts 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