Page 14 - Wipro

Wipro's CEO Srinivas Pallia set to get annual remuneration of about $6 mn

Wipro's new CEO Srinivas Pallia will receive an annual remuneration of up to USD 6 million (about Rs 50 crore), according to a regulatory filing by the Bengaluru-headquartered IT company. Earlier in April, Wipro announced the appointment of Pallia as its new CEO and MD, following the sudden resignation of Thierry Delaporte. Delaporte's annual salary of over Rs 80 crore at Wipro had made headlines last year. According to a Wipro filing related to notice of postal ballot, Pallia's remuneration will range between USD 3.5 million to USD 6 million per annum (at the lower and upper end of basic and target variable pays). "... the consent of the members be and is hereby accorded for the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company, to hold office for a period of five years with effect from April 7, 2024 to April 6, 2029, on the terms and conditions of appointment, including payment of remuneration with effect from April 7, 2024...," the

Wipro bags AI deal to transform Nokia's digital workplace services

Wipro said its team will build a "bespoke" artificial intelligence-powered, cloud-based solution for Nokia's workforce of around 86,700 users globally in 130 countries of operations

Here's how much Wipro CEO Srinivas Pallia is set to earn in the first year

Wipro's new chief executive officer (CEO), Srinivas Pallia, is set to receive up to $6 million in annual compensation during his initial year

IT sector to see second consecutive year of muted revenue growth: CRISIL

The Indian IT services sector is staring at a second consecutive year of muted revenue growth due to modest increase in tech spends in Europe and the US, a domestic rating agency said on Wednesday. Crisil Ratings said it expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at USD 250 billion and it creates over 50 lakh direct jobs. "The slowdown in technology spend will continue this fiscal, weighing on the revenue growth of IT service providers," said Aditya Jhaver, director at Crisil. The industry is, however, expected to sustain in the key metric of profitability, as the operating profit margins will be stable at 22-23 per cent, the agency said, attributing it to prudent management of employee costs. Crisil said the sectoral revenues achieved a compounded annual growth rate of 12 per cent for the decade through FY24. High interest rates and economic slowdown in client mark

Stock Market Highlights, April 22: Sensex sprints 560 pts, Nifty tops 22,300 in broad relief rally

Stock market highlights on April 22: Among sectors, the Nifty PSU Bank index rallied 3.3 per cent, the Nifty Realty 1.12 per cent, and the Nifty Pharma index 1.5 per cent

TCS, Infosys, Wipro see salary bills surge even as revenue growth slows

Lateral hiring in high-demand sectors like artificial intelligence (AI), machine learning (ML), cloud, and engineering services are the reason behind the surge

Stocks to Watch on April 22: RIL, HDFC Bank, Wipro, Tata Group, Laurus Labs

Stocks to Watch on Monday, April 22, 2024: Reliance Industries, Rallis India, Mahindra Logistics, Hatsun Agro Product, and Tejas Networks will announce their March quarter earnings today

TCS, Infosys, Wipro see exit of 64,000 employees in FY24 amid low demand

India's largest IT services companies Tata Consultancy Services, Infosys and Wipro saw a staggering 64,000 employees exiting in FY24, amid a weak demand environment globally and tighter tech spends by clients. Wipro, which announced its Q4 earnings on Friday, reported a fall in headcount numbers to 2,34,054 as of March 2024, against 2,58,570 in the year-ago period. Headcount declined by 24,516 during the financial year ended on March 2024. "...immediate headcount reduction has happened primarily driven by the market and demand environment as well as the operational efficiency which we have driven, which is reflective in our margins," Saurabh Govil, Chief Human resources officer at Wipro said. In the long term, as the company moves into more IP-based platform and Artificial Intelligence (AI), there could be divergence coming in terms of headcount growth, he added. India's IT services industry - a USD 254 billion powerhouse - has been feeling the heat of global macroeconomic ...

Expat impact: The story of India Inc's brushes with expat CEOs a mixed bag

Will it help to simply focus on the best person for the job?

Wipro Q4 results: Net profit drops 8% to Rs 2,835 cr, revenue down 4.2%

Wipro's shares closed at Rs 452.85 on Friday ahead of its financial results

Wipro Q4 Preview: profits may decline 8-10%, revenues to dip 4-5% YoY

According to brokerage estimates, Wipro is likely to report a net profit in the range of Rs 2,778 crore to Rs 2,829 crore for the fourth quarter, down 8-10 per cent year on year (YoY)

Srinivas Pallia sold his entire stake in Wipro before taking over as CEO

On April 6, Wipro, the fourth largest software services firm in India, announced the unexpected departure of former CEO Thierry Delaporte and Pallia was made the top boss

Troubles for Indian IT firms linger as clients tighten their budgets

Accenture Plc lowered its revenue outlook last month, citing a pullback in software spending by Wall Street firms, which are among the Indian companies' biggest clients

IT firms bracing for muted show amid weak global macros, tight spends

Indian IT companies are seen signing off FY24 on a subdued note with an uncertain global macroeconomic environment dragging tech demand and client spends, analysts said, forecasting modest commentary and cautious tone by the tech pack on FY25 outlook. The grand IT earnings season opens on Friday with results of Tata Consultancy Services (TCS), followed by Infosys scorecard on April 18 and Wipro on April 19. Tech Mahindra is scheduled to announce Q4 and full-year numbers on April 25, whereas HCL Technologies will declare its numbers on April 26. Emkay in its quarterly preview recently said subpar growth should persist in Q4 as muted demand trends continue on account of weak discretionary spending and cautious behavior by clients amid uncertain macros. It predicted FY24 ending on a "weak footing", and noted that recovery hope has shifted to the second half of FY25. "Global companies such as ACN (Accenture), CTSH (Cognizant Technology Solutions), and CAP (Capgemini) have also guided f

Wipro appoints Malay Joshi as CEO for 'Americas 1' strategic market unit

Joshi is a company veteran who joined Wipro in 1996 and has had an extensive career spanning over 28 years in various leadership roles across functions, industries, and geographies

Tech talent war: Nearly 4,500 IT leaders switch jobs in 12 months

Chaos in C-Suite sees 4.5% leadership churn in IT services: Xpheno

Energised by possibilities ahead of Wipro in era of tech progress: CEO

Wipro's new CEO Srinivas Pallia said he is energised by possibilities before the company and the industry, in a new era fuelled by rapid technological progress. Wipro's top boss -- who took over the baton from Thierry Delaporte at the USD 11 billion IT services firm on Saturday -- penned a post on LinkedIn to say he looks forward to working with 240,000 "Wiproites" and taking the "iconic" company to the next phase of growth. "There's a lot of work still to be done ahead of us," Pallia wrote in the recent post. Pallia also reached out to employees through an email where he talked about his journey of continuous discovery, growth, and learning at Wipro moulding and shaping him into the leader he is today, according to sources. In the LinkedIn post, Pallia highlighted Wipro's remarkable resilience and adaptability, and applauded commitment of employees to the company's collective success. "As we enter a new era fuelled by rapid technological progress, I am energised by the possibilit

Wipro's leadership crisis gets more severe with Thierry Delaporte's exit

While analysts and industry watchers saw Delaporte's exit coming, it was not expected to be this abrupt, this soon

'Main goal complete with foundational elements', says outgoing Wipro CEO

IT company is seen as a 'transformation partner' by clients and is set for growth, says Thierry Delaporte in farewell email

Analysts bearish on Wipro after Delaporte's exit, see up to 15% downside

Thierry Delaporte's resignation as the CEO is surprising and also an acknowledgment of his failure to turn around the business, analysts said