Wipro’s Leadership and Financial Transformation Under Thierry Delaporte
Thierry Delaporte’s tenure as the CEO of Wipro, India’s fourth-largest IT company, has been marked by significant financial advancements and major changes in the leadership team.
Financial Performance
- Revenue Growth: Under Delaporte’s leadership, Wipro’s revenue grew by 47% in the last 14 quarters, a positive sign of financial growth.
- Profitability Decline: However, Wipro’s profitability has declined under Delaporte, with the company’s operating margin falling from 19% when Delaporte took over to 16% in the quarter ended December 2023.
- Underperformance: Wipro is expected to be the only top Indian IT company to end the financial year 2023-24 with a revenue decline, reflecting the company’s underperformance during Delaporte’s tenure.
Leadership Team Changes
- Senior Management Exits: Delaporte’s push for change resulted in a spate of senior management exits, with over 750 executives ranked general manager and above leaving the company, including 22 senior executives ranked senior vice-president and above.
- CFO Resignation: In September 2023, Wipro’s chief financial officer, Jatin Dalal, stepped down after a 21-year-long career at the company, highlighting the leadership turnover during Delaporte’s tenure.
- Srinivas Pallia’s Appointment: Following Delaporte’s resignation, the company appointed Srinivas Pallia, the CEO for the Americas region, as the new CEO and MD. Pallia is a Wipro veteran with over three decades of experience in the company.
Delaporte’s tenure has been characterized by both financial growth and challenges, including profitability decline and leadership turnover. His successor, Srinivas Pallia, will face the task of navigating the company through its current challenges and driving future growth.
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Priyanka