Bengaluru-based IT giant, Wipro, recently held its 77th annual general meeting virtually on July 12. The meeting was attended by Wipro’s executive chairman, Rishad Premji, and chief executive officer, Theirry Delaporte. During the meeting, Premji addressed key points to the shareholders:
1. CEO Delaporte receives full support from the board: Premji reiterated his full support for Delaporte and assured the shareholders that the board also stands behind him as they move the company forward. Delaporte, who took on the role in July 2020, has two more years to go in his current term. With his experience as a veteran from Capgemini, Delaporte has implemented an aggressive acquisition strategy over the past three years, leading Wipro to acquire twelve companies with a total investment of over $2.3 billion.
2. Challenging macro environment: Premji acknowledged the challenges posed by factors such as the ongoing Ukraine war and high global interest rates. These factors have affected clients’ spending, particularly in the second half of FY23. However, Wipro’s portfolio of solutions has enabled them to respond quickly and effectively to these developments. In response to the changing environment, clients in the banking, financial services, and high-tech sectors have shifted their focus towards cost optimization projects rather than discretionary ones.
3. Strategic decision for CEO to operate out of Paris: Premji explained that the decision for Delaporte to operate out of Paris instead of the initially planned location in the US was intentional and calculated. This strategic choice allows better access to customers across Eastern and Western Europe.
By addressing these key points, Wipro aims to reassure its shareholders of Delaporte’s leadership and the company’s ability to navigate challenges in the current business landscape.
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