Wipro CEO Thierry Delaporte Steps Down (Image Source: PTI)
Wipro announced on Saturday the departure of its Chief Executive Officer, Thierry Delaporte, effective immediately. Delaporte cited a desire to pursue interests beyond the corporate realm. His successor, Srini Pallia, currently serving as the head of the Americas division, will assume the role of CEO.
Rishad Premji On Delaporte’s Leadership
Rishad Premji, Chairman of Wipro, expressed gratitude for Delaporte’s leadership and said, “I’d like to express my gratitude to Thierry for his leadership at Wipro. The changes he implemented have better positioned us for the future. We have optimized our structure, enhanced our leadership, prioritized partnerships, and improved our overall efficiency,”
Delaporte’s Compensation
During his tenure, Thierry Delaporte emerged as the highest-paid CEO in the IT sector for FY23, with a staggering remuneration of USD 10 million (approximately Rs 82.2 crores). His salary saw a 3.26 per cent increase from 2022 to 2023, making him the top earner at Wipro. Delaporte’s base salary amounted to Rs 9.5 crore and allowances were at Rs 3.57 crore. However, his variable pay was at Rs 10.73 crore. In addition, Delaporte received other annual compensations amounting to Rs 24.22 crore, along with retirals totaling a whopping Rs 34.2 crore. Cumulatively, Delaporte’s salary was around Rs 82.2 crore.
Wipro Q3 Results
Wipro reported financial results for the quarter ended December, with consolidated net profit declining nearly 12 per cent year-on-year to Rs 2,694 crore. Consolidated revenue also dropped by 4.4 per cent to Rs 22,205 crore. Despite being largely anticipated, these figures underscored challenges faced by the company.
Subdued Growth Outlook
For the quarter ending March, Wipro anticipates its IT Services business revenue to range between USD 2.62 billion to USD 2.67 billion, reflecting a -1.5 per cent to +0.5 per cent sequential growth in constant currency terms.
Deals and Outlook
During the December quarter, Wipro secured deals worth USD 3.8 billion, marking a marginal 0.2 per cent sequential increase. Large deal bookings surpassed USD 900 million, indicating ongoing efforts to drive growth amidst challenging circumstances.
Recommendation of Interim Dividend
Despite the subdued financial performance, the board has recommended an interim dividend payout of Re 1 per share.
