Wipro’s CEO and Managing Director, Thierry Delaporte, tendered his resignation effective April 6, as disclosed by the company to the exchanges. The software services giant has appointed Srinivas Pallia as the new CEO and MD, effective immediately.
Delaporte, who led a significant transformation at Wipro over the past four years, is stepping down to pursue personal interests outside of the corporate realm. Unlike Delaporte, who was recruited from Capgemini, Pallia is a seasoned Wipro veteran with over three decades of experience within the organization.
According to Wipro’s statement, Delaporte will be officially relieved from his duties with the company by the close of business hours on May 31, 2024. Pallia, on the other hand, has held various leadership roles within Wipro, most recently serving as the CEO for Americas 1, the company’s largest and fastest-growing strategic market.
Thierry’s departure comes amidst several quarters of underperformance for Wipro, during which it trailed behind competitors and witnessed multiple high-level departures, despite Delaporte’s efforts to bring in new leadership from Capgemini.
Despite concerns raised by investors and shareholders regarding its performance, Chairman Rishad Premji reiterated his confidence in Delaporte. However, Delaporte’s resignation signifies a shift in leadership for Wipro.
Delaporte expressed gratitude for his time at Wipro, noting the significant transformation achieved during his tenure. Meanwhile, Premji praised Pallia’s client-centric approach, growth mindset, and commitment to Wipro’s values, stating that he is an ideal fit for the role.
Delaporte will work closely with Pallia and Premji until the end of May to ensure a smooth transition. As of its Q3FY24 earnings, Wipro reported a fourth consecutive quarter of declining profits, with a 12% year-on-year fall standing at Rs 2,694 crore.
Furthermore, the company adjusted its revenue growth guidance for the fourth quarter within a range of -1.5% to 0.5%, reflecting ongoing challenges in the market.
