BENGALURU: IT major Wipro has appointed Srinivas Pallia (pic) as the CEO and MD as Thierry Delaporte has resigned after serving the company for nearly four years. Pallia will be based in New Jersey and report to Chairman Rishad Premji.
In a BSE filing, Wipro said the board of directors noted the resignation of Delaporte with effect from April 6 and he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024. He is stepping down to pursue passions outside the workforce.
At their meeting held on Saturday, the board of directors has approved the appointment of Pallia with effect from April 7, 2024, for a period of five years.
Under Delaporte, the IT company’s profit has fallen the most. For the fourth consecutive quarter, the IT company reported a fall in its consolidated net profit for the quarter ending December 2023. The company had posted a 12% year-on-year (YoY) drop in net profit for the December quarter at Rs 2,694 crore. Its revenues for the quarter too dropped 4.4% YoY to Rs 22,205 crore.
Talking about succession planning during the third quarter earnings, he had said, “It is my responsibility to make sure that we are building proper succession planning.” For the past four to five months, there have been reports that Wipro has been nurturing internal talent for the CEO role.
Pallia has been with Wipro for over three decades and most recently served as the CEO for Americas 1, the company’s biggest and fastest growing strategic market. He is also a member of the Wipro Executive Board.
Profit falls under Delapote
Under Delaporte, the IT company’s profit has fallen the most. For the fourth consecutive quarter, the IT company reported a fall in its consolidated net profit for the quarter ending December 2023. The company had posted a 12% year-on-year (YoY) decline in net profit for the December quarter at Rs 2,694 crore. Its revenues for the quarter too dropped 4.4% Year on Year to Rs 22,205 crore