BENGALURU (Reuters) – Indian IT services provider Wipro announced on Thursday that Jatin Dalal, the chief financial officer, has resigned from his position after over two decades with the company. Dalal’s departure will lead to the appointment of Aparna Iyer, a 20-year veteran who most recently served as the senior vice president and CFO of Wipro’s cloud services unit.
While Iyer will officially assume the role of CFO on September 22, Dalal will continue in his position until November 30, according to Wipro.
Dalal, who became CFO in 2015, played a crucial role alongside CEO Thierry Delaporte in navigating Wipro through the challenges brought about by the pandemic. During this time, the demand for digital services soared.
Last year, Wipro’s stock experienced a significant surge of 57%, followed by an additional 85% increase in 2021. However, the company relinquished a portion of these gains as demand declined.
In July, Wipro, along with other major IT companies, expressed concerns about an uncertain environment due to clients reducing their spending. The company also anticipated that revenue from IT services would remain relatively stagnant in the current quarter.
The Indian IT sector has been negatively impacted by delays in deal closures, order rampdowns, and cancellations, primarily stemming from recession concerns in key markets such as the United States and Europe.
Despite these challenges, Goldman Sachs predicts that the sector’s revenue growth will rebound as a result of pent-up demand and the adoption of generative artificial intelligence (AI) technology.
In a statement, Delaporte expressed his confidence in Iyer and highlighted her integral role in Wipro’s finance transformation over the past few years. He commended her contributions to financial strategy, planning, investment programs, and transformation initiatives.
Wipro’s shares have seen a modest increase of just over 9% thus far in 2023, which underperformed the broader Nifty IT index’s rise of 15%.
(Reporting by Ashish Chandra in Bengaluru; Editing by Savio D’Souza)
Credit: The Star : Tech Feed
