In a decisive step, Wipro Limited has announced Srinivas Pallia as its new Chief Executive Officer (CEO) and Managing Director, effective immediately, as per the exchange filing on BSE.
Exiting the stage before his term’s scheduled culmination, Wipro’s Chief Executive Officer and Managing Director, Thierry Delaporte, has stepped down, paving the way for the appointment of the seasoned 30-year Wipro stalwart, Srinivas Pallia, as his successor.
Who is Srinivas Pallia?
Srinivas Pallia has been a cornerstone of Wipro’s story for more than 30 years, starting as a Product Manager in 1992. Along the way, he has worn many hats, shaping marketing strategies, overseeing operations in the USA, and driving enterprise initiatives as a Vice President. His impact on Wipro’s global presence has been significant, leading innovative projects as the head of Business Application Services and later as the Chief Executive of the RCTG Business Unit.
In 1992, Srinivas Pallia achieved his Master of Technology from the Indian Institute of Science (IISc), with a specialization in honing IT transformation competencies. He graduated from Harvard Business School’s Leading Global Businesses executive program, and the Advanced Leadership Program at McGill Executive Institute.
His impact on Wipro’s global landscape has been huge. He’s been at the forefront of game-changing projects as the head of Business Application Services and later as the Chief Executive of the RCTG Business Unit.
During his tenure at Wipro, Srinivas Pallia earned several accolades, including the Most Valuable Player and Chairman’s Club Award in April 2004. He also received the prestigious All STAR Team of the Year Award in April 2006. Additionally, he was honored with the Award for Influencing Analysts and Impacting Wipro’s Competency Ratings in July 2010.
Recognized as one of India’s top young business minds by Business Today in 2008, Pallia, now 56, has taken on a new challenge as CEO of Wipro’s thriving Americas 1 market, marking a fresh chapter of innovation and growth.
Company performance
Wipro has witnessed a decline in its net profit for the last four consecutive quarters. As of the third quarter ending on December 31, the company’s profit plunged by 12 percent year-on-year to Rs 2,694 crore.
The share price of Wipro experienced a drop of more than one percent during intraday trading on Monday, April 8. However, it managed to recover some of its losses and was trading approximately 0.42 percent lower at Rs 483 on the NSE around 12:10 pm.
Analysts have noted that the sudden resignation of Delaporte may signal that the company’s fourth-quarter performance hasn’t shown any improvement either.
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