Srinivas Pallia Takes Over As The New CEO Of Wipro
By: Geetanjali
Thierry Delaporte resigned as the CEO (Chief Executive Officer) and MD (Managing Director) of Wipro on Saturday, April 6, 2024. One year before his five year term ends in 2025.
After which Srinivas Pallia, company’s veteran from the last three decades, was announced as the new CEO and MD on Sunday on April 7, 2024.
Pallia is going to be the first insider CEO after a considerable long time since 2016. Pallia joined Wipro in 1992 and since then he has held various leadership roles, including President of Wipro’s Consumer Business Unit and Global Head of Business Application Services, he has recently served as the CEO of Americas 1, Wipro’s largest and fastest growing market in the world.
Expectation from Srinivas:
With all eyes on Srinivas, he is expected to work on management and bring back the company’s growth momentum, as Wipro has lagged behind its counterpart IT giants in revenue collection for the FY 2023-24. The main focus of the new CEO will be to increase the company’s earnings in the year FY 24.
The tech giant in its December quarter report, projected its revenue to change by -1.5% to 0.5%, implying that the IT major could end FY24 with a revenue decline of 3.7% – 4.1% from FY23. Wipro also witnessed a comparatively flat performance, with a decline of $2.66 billion in the 3rd consecutive quarter in FY24.
Effect on Stake value:
Monday, April 8, 2024 will majorly focus on the share value to Wipro, the closing value on Friday for Wipro’s Share was Rs.485/ share, a decline of 0.28% was seen after the sudden change in the leading positions have been made. Today the share price started with Rs.482.10 (10:00 am) with a continuous decrease in the value, later around 12:30 pm saw a mild increase, to the same level as of the last closing date. Closing share value was seen at 480.25 INR (at 3:30 pm) today.
