Thierry Delaporte steps down as Wipro CEO and MD, all you need to know about the highest paid CEO in India in FY23
Wipro Chief Executive Officer and Managing Director. He will be succeeded by Srinivas Pallia, who has spent nearly three decades with Wipro. Till now he was the CEO for the company's Americas 1 area, said the company in its BSE filing on Saturday.
During the financial year 2022-23 (FY 23), Thierry Delaporte emerged as the highest-paid CEO in India. Leaving behind CEOs of Infosys, Tech Mahindra and TCS, Delaporte emerged in the top position with a hefty salary package of over ₹82 crore per annum. Back in 2020, Delaporte's appointment as Wipro CEO brought tremendous market cheers as Wipro stock rallied about 70% within six months of his appointment, reported Bloomberg earlier.
The stock surge outpaced the performance of its competitors during that period. During Thierry Delaporte's tenure as Wipro CEO, the company stock registered a 117.5% growth (approx). On Friday, the company stock closed marginally lower at ₹485.20 per share on BSE.
Despite the company's strong stock performance during his leadership, Wipro was facing trouble in the past few years with its operating model changing twice in three years, several top-level departures, and some expensive acquisitions that did not translate to growth. Moreover, the IT giant is likely to end the recent financial year with a drop in revenue, reported Reuters. Given the company's situation, Delaporte's departure from the company was not a surprise, industry experts told Reuters.
“He also was not spending nearly enough time visiting his teams in India or the U.S. The morale at Wipro was at an all-time low," Reuters quoted Phil Fersht, the founder of HFS Research. Thierry Delaporte joined Wipro as the Chief Executive Officer and Managing Director on July 6, 2020.
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