Wipro CEO Thierry Delaporte Steps Down, Srinivas Pallia Named Successor

Wipro, an Indian IT giant, announced the resignation of Thierry Delaporte as CEO on Saturday and appointed Srinivas Pallia as the new Chief Executive Officer, effective immediately. The announcement comes just days before the company is set to reveal its Q4 and full-year earnings for 2023-24 on April 19. Wipro has been lagging behind its peers in terms of performance, with a subdued report card and weak guidance. Last year, the company saw several senior-level departures, including CFO Jatin Dalal and chief growth officer Stephanie Trautman.According to a Wipro release, Pallia brings extensive institutional and industry knowledge to the CEO role, as well as a strong track record of leadership during significant technological shifts in the industry. In a BSE filing on Saturday, Wipro stated that its Board noted Delaporte's resignation with effect from April 6, 2024, and added that he would be relieved from the company's employment on May 31, 2024.On April 6, 2024, the Board of Directors approved the appointment of Srinivas Pallia as CEO and Managing Director for a period of five years, subject to shareholder and Central Government approval. Before joining Wipro as CEO in July 2020, Delaporte worked with Capgemini. His annual salary of over Rs 80 crore at Wipro made headlines last year.Wipro competes in the global outsourcing market with Tata Consultancy Services, Infosys, HCL Technologies, Cognizant, and other international and domestic IT players. The company announced that Pallia's appointment as CEO and Managing Director is effective immediately. He will be based in New Jersey and report to Chairman Rishad Premji.Delaporte is stepping down to pursue passions outside the workplace after leading a significant transformation at Wipro for the last four years. In his resignation letter to the Board, Delaporte expressed gratitude for the opportunity to contribute to Wipro's growth and success.Pallia has been with Wipro for over three decades and most recently served as the CEO for Americas 1 region, Wipro's largest and fastest-growing strategic market. In this role, he oversaw diverse industry sectors and implemented growth strategies that increased market shares within these sectors.Rishad Premji, Chairman of Wipro Ltd, praised Pallia's client-centric approach, growth mindset, strong execution focus, and commitment to Wipro's values. He also expressed gratitude to Delaporte for his leadership at Wipro and noted that Delaporte would continue working closely with Pallia and himself until the end of May to ensure a smooth transition.Pallia joined Wipro in 1992 and has held various leadership positions within the company. He holds a bachelor's degree in engineering and a master's in management studies from the Indian Institute of Science in Bangalore. He also graduated from Harvard Business School's Leading Global Businesses executive program and the Advanced Leadership Program at McGill Executive Institute.In the third quarter ended December 2023, Wipro posted a nearly 12% decline in consolidated net profit at Rs 2,694.2 crore. In comparison, rival Infosys reported a 7.3% decline in net profit, while Tata Consultancy Services and HCL saw an 8.2% and 6.2% increase in consolidated profit during the same period.

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