'Abid Neemuchwala has demonstrated a deep understanding of technology, business vision, sound judgment, and an innate ability to bring people together.'
As a venture partner, DVP said that Neemuchwala would be bringing deep technology expertise and invaluable experience of building businesses.
Abidali Neemuchwala, who had joined Wipro in 2015 as group president and chief operating officer, was also given 200,000 in stock options in the financial year ended March 2016.
'Wipro's strength has been innovation and that will continue.'
"...Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments," the BSE filing said. The board of directors has also initiated a search to identify the next chief executive officer, it added.
Under Neemuchwala's digital-first vision, Wipro has accelerated investments in automation, analytics, cloud and cognitive technologies over the past three years, says Ayan Pramanik.
The contract has not only cemented the position of its chief executive officer (CEO) Abidali Neemuchwala, it has also proven the ability of the current management to successfully chase and close larger deals that are becoming scarcer in the market.
IT services major Wipro on Friday said it has appointed Capgemini group veteran Thierry Delaporte as its chief executive officer and managing director, effective July 6, 2020. In January this year, the company had said its CEO and Managing Director Abidali Z Neemuchwala had decided to step down from the company. Abidali Neemuchwala will relinquish his position as CEO and MD on June 1.
A chess buff, Neemuchwala enjoys volunteering, travelling, Indian music, reading fiction, and golf.
Some of external candidates being considered for the post of CEO include Bhaskar Ghosh of Accenture, Ritesh Idnani of Tech Mahindra, Ravi Kumar S of Infosys, and Nitin Rakesh of Mphasis, among others.
'There's a lot of continuity in terms of basic values and there's also a lot of new thinking based on the generational shift... it's a combination of continuity and change,' says Wipro Chief Executive Officer Abidali Neemuchwala.
Wipro Chief Executive Officer Thierry Delaporte drew a pay package of $8.7 million (around Rs 64.3 crore) in the financial year 2020-21, according to a regulatory filing. Delaporte's compensation is for the period from July 6, 2020, to March 31, 2021, and includes components such as a one-time cash award, annual stock grant and one-time grant of RSUs (restricted stock units). The former Capgemini executive had joined the Bengaluru-headquartered Wipro as its chief executive officer and managing director on July 6, succeeding Abidali Neemuchwala.
Thierry Delaporte's pay package would be around 34 per cent higher than the total compensation that Wipro CEO Abidali Neemuchwala received in financial year 2019-20 (FY20). It also brings the Wipro CEO's salary on par with other top IT firms such as Infosys and Cognizant.
Wipro has been quite aggressive among Indian IT services companies in acquisitions as a strategy to buy the capabilities in emerging technologies.
T K has been an integral part of the organisation's leadership for years, says Azim Premji.
Even as Srini Pallia, a Wipro veteran, is set to take charge as the chief executive officer (CEO) of the company, analysts expect the stock's underperformance to continue in the near-future. This, they believe, will be on the back of likely loss of market share, and difficult business environment. "We expect Wipro to underperform peers on growth once again in FY25 as channel checks and media reports suggest Wipro is losing share with select clients across multiple verticals.
The writing has been on the wall for some time. Exodus of senior leadership and growth behind its peers are reasons that have prompted Thierry Delaporte, the chief executive officer (CEO) of Wipro to resign, analysts said. Delaporte, Wipro's seventh CEO, also resigned without completing his five-year term, like his predecessor Abidali Neemuchwala decided to end his tenure prematurely in 2020. Phil Fersht, HFS Research CEO and chief analyst believes the change in leadership was at least six months overdue.
While Wipro will announce its fourth quarter (Q4) results along with annual financial statements on April 15, market leader TCS will hold its board meet the next day (April 16) for approval of its financial statements. Infosys is yet to inform investors the date it will announce its Q4 earnings.
'The increasing mix of fixed price contracts is helping us improve productivity by bringing in more automation.'
To double revenues in four years; asks staff to 'think like a start-up', to brainstorm out-of-the-box ideas
Wipro results follow estimate-beating earnings by larger rivals Tata Consultancy Services Ltd and Infosys Ltd .
The company is unlikely to continue with the CEO-COO model
While Tech Mahindra's Gurnani earned Rs 146 crore in 2017-18, his actual gross salary component was Rs 2.77 crore. Wipro's Neemuchwala, on the other hand, took home Rs 18.23 crore
The IT services company is building underlying tech for connected cars
Digital, cloud, engineering services, and cybersecurity will drive Wipro's growth. 'Based on approval from the board, we have decided to step up our investments significantly in these four big bets,' Premji said in his last address as executive chairman.
"Our strategic investments, backed by strong client relationships and client spends towards enterprise modernisation and digital transformation have enabled us to deliver a very satisfying quarter," Wipro CEO and executive director Abidali Z Neemuchwala said.
Wipro chief executive Abidali Z Neemuchwala saw his pay package grow 41 per cent to $ 3.9 million during 2018-19.
The company's decision comes when there has been a dip in intake due to tepid demand, increasing automation, reports Debashis Mohapatra.
Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,095 million to $2,137 million in the March quarter - a sequential growth of flat to 2 per cent.
Revenue from its IT services business rose 9 percent to $1.86 billion.
nternally, Wipro has been pushing for 'automation'. However, when it comes to profitability, the Bengaluru-based company has a long way to go. Wipro chief executive officer Abidali Neemuchwala says while the benefits are going mostly to clients, they would start reflecting in the company's bottom line.
Wipro has guided for 0.8-2.8 per cent sequential growth in IT service revenue for December quarter, saying revenue from that business is expected to be $ 2,065-2,106 million.
TCS, Infosys do well but Wipro & HCL disappoint analysts; however, outlook for FY17 bullish in general.
Like their international peers, Indian CEOs too have a significant portion of their incomes coming from stock options and performance-linked bonuses
'We are not in the race of how much is the revenue, but how good is the revenue.'
Sources indicated defence and national security initiatives.
For the March 2017 quarter, Wipro expects revenues from IT services business to be in the range of $1,922 million to $1,941 million.
Wipro Ventures is currently managed by Biplab Adhya and Venu Pemmaraju and has so far invested in 16 early to mid-stage start-ups. While 11 of these start-ups are in the US, four are in lsrael and one in lndia.
Amazon committed a fresh investment of $3 billion, in addition to the $2 billion it announced in 2014.
People mostly say 'work hard and party harder', but Premji's concept is 'work hard and work harder'. With close to 70 per cent of his wealth pledged to charity, Premji is also the epitome of a true leader who makes a mark in giving back most of his wealth to society.
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