Stock Market Today Live: Thierry Delaporte, the CEO and MD of Wipro, has announced his resignation, with his term set to conclude on May 31, 2024. Delaporte’s departure comes after a phone call with Rishad Premji, the chair of Wipro Ltd, where Premji requested that Delaporte step down due to the company’s lagging performance and employee departures.
Delaporte, a French national, was interested in knowing if he would be granted a second term at Wipro, but Premji expressed concerns about the company’s growth prospects. Wipro, the fourth largest IT services company in India, is expected to announce a decrease in annual revenue during its upcoming earnings report on April 19.
Following Delaporte’s resignation, Srinivas Pallia, a veteran of Wipro with over three decades of service, will assume the role of the new CEO and MD from April 7, 2024. Pallia’s tenure is set to last for five years, as stated by the company in its regulatory filing.
Wipro shares were down nearly 1% following the news of Delaporte’s exit, as investors reacted to the leadership change. The broader market indices were up, with positive cues from global peers leading to a jump in Indian benchmark indices at the opening bell.
The departure of Thierry Delaporte marks a significant change in leadership at Wipro, as the company looks to navigate its way through a challenging period and improve its performance in the IT services sector. The appointment of Srinivas Pallia as the new CEO and MD signals a new chapter for Wipro as it seeks to regain its competitive edge in the industry.
