India Bulletin News

Following CFO Dalal’s resignation, the latest high-profile exit, Wipro falls 3%

<p>The fourth-largest Indian IT services giant Wipro saw its shares fall about 3% on Friday, one day after longtime CFO Jatin Dalal abruptly announced his resignation.</p>
<p>As Wipro navigates a lengthy business turnaround, Dalal’s departure follows that of Chief Operating Officer Sanjeev Singh and numerous senior vice presidents.<img decoding=”async” class=”alignnone wp-image-195753″ src=”” alt=” guess this akshay kumar movie from 2010 that is the basis for countless memes down” width=”1086″ height=”608″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 1086px) 100vw, 1086px” title=”Following CFO Dalal's resignation, the latest high-profile exit, Wipro falls 3% 6″></p>
<p>Analysts at Kotak Institutional Equities said in a report that “Investors will not be viewed favorably by the loss of key leaders continuing into the fourth year of turnaround.”</p>
<p>After more than two decades with the firm, Dalal said on Thursday that he was leaving to seek other possibilities. Aparna Iyer, who was most recently employed by the company’s cloud services division, will take Dalal’s position.</p>
<p>Yes, there is a lot of turnover in the Indian IT sector. Rajesh Gopinathan, the CEO of renowned Indian IT company Tata Consultancy Services, resigned in March, while senior Infosys executive Mohit Joshi is about to become the CEO of Tech Mahindra. In January, S Ravi Kumar, a former Infosys president, was appointed CEO of Cognizant Technology Solutions.</p>
<p>Analysts, however, express concern about the actions taken by Wipro, noting that the company is “struggling in its turnaround effort, has a weak mega deal pipeline, and is vulnerable to vendor consolidation.”</p>
<p>In addition to issues about deal close delays, order rampdowns, and cancellations, IT businesses are now in a precarious position due to resurgent anxieties about a high interest rate environment in the United States.</p>
<p>Due to customers’ reduced expenditure, Wipro has previously predicted that IT services revenue would mostly stay steady for the current quarter.</p>
<p>Following the announcement of the new CFO on Thursday, business shares fell to a level not seen in over three weeks. They have gained 7% so far this year, falling short of the 15% increase in the Nifty IT index.</p>

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