Wipro's CFO Jatin Dalal steps down, succeeded by 20-year veteran, Aparna Iyer
Wipro
Indian IT services company Wipro announced on Thursday that Jatin Dalal, who has been with the company for over two decades, has stepped down from his role as Chief Financial Officer (CFO) within an intent of exploring other ventures.
In his place, Aparna Iyer, another experienced Wipro veteran with 20 years of experience, will assume the role of CFO, having most recently served as Senior Vice President and CFO of Wipro's cloud services division.
Iyer is set to take on the responsibilities of CFO starting September 22, while Jatin Dalal will continue in his role until November 30, according to a statement made by Wipro.
Jatin Dalal, who took on the role of CFO in 2015, alongside CEO Thierry Delaporte, navigated Wipro through the challenging years of the pandemic, during which the demand for digital services surged. Wipro, headquartered in Bengaluru, experienced substantial stock growth, with a 57 per cent hike in 2020 and an 85 per cent increase in 2021. Despite this, the company saw a decline in these gains in the past year as demand decreased.
In July, Wipro, along with other major IT companies, expressed concerns about an uncertain business environment as clients reduced spending. The company anticipated that revenue from IT services would remain relatively stable in the current quarter.
Indian IT firms have encountered delays in closing deals, reductions in order volume, and cancellations due to recession concerns in their crucial U.S. and European markets.
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Nevertheless, Goldman Sachs recently forecasted a revival in the industry's revenue growth, attributed to constrained demand and the implementation of generative artificial intelligence (AI) technology.
In response to these changes, CEO Thierry Delaporte commended Aparna Iyer's significant contributions to Wipro's financial transformation in recent years. She played an essential role in shaping the company's financial strategy, investment programs, and transformation initiatives, Delaporte noted.
Wipro's stock has seen a modest increase of just over 9 per cent year-to-date, which lags behind the broader Nifty IT index's 15 per cent rise.
(With inputs from Reuters)
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