Wipro's Incoming CEO Sells Rs 5 Crore Shares Before Taking Over

16 Apr 2024 , 02:40 PM

Before to taking over as the company’s new CEO, Srinivas Pallia, a veteran of more than thirty years, sold all five crore rupees’ worth of shares on the open market.

Pallia sold his one hundred thousand Wipro shares through a “market sale” on February 14 of this year, and on February 15, the exchange was notified of the transaction. The transaction was worth Rs 5,05,12,640 in total. According to data from the BSE, Pallia had zero securities as of the transaction.

Wipro did not respond to questions from ET, citing a period of silence before to the company’s presentation of its quarterly and annual results on Friday.

Wipro, the fourth-biggest software services company in India, revealed on April 6 that previous CEO Thierry Delaporte had abruptly resigned, 15 months ahead of his five-year contract. Pallia was given the top position effective immediately.

Wipro faced criticism for its lacklustre revenue performance in FY23–24, which put it behind the majority of its large-cap Indian competitors.

Concerns about senior leadership turnover during the previous two years were also voiced by critics. Over the past four years, Wipro has experienced a significant exodus of talent and over fifteen departures as Delaporte pursued his “transformation agenda” at the $11 billion firm with its headquarters located in Bengaluru.

Prior to taking on the role of CEO at Wipro, Pallia led Americas 1, the company’s largest and fastest-growing strategic market, when she joined the company in 1992. Pallia answers to chairman Rishad Premji and is headquartered in New Jersey.

Over the past year, Wipro’s stock has increased by over 27%. They closed 2.47% lower on the BSE on Monday at ₹459.25.

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