Wipro Ltd appoints company veteran Malay Joshi as the chief executive officer (CEO) of its largest and fastest-growing market, Americas 1, the company informed the stock exchanges. Joshi will succeed current Wipro CEO Srinivas Pallia, who headed the market unit from January 2021 until his promotion a few days back.
Joshi, who has spent almost three decades in the Bengaluru-based IT firm, will take over his role immediately. He will also be inducted into the Wipro executive board, as per the company release.
In his previous capacity, Joshi was the senior vice-president (SVP) and global business head, leading the communications, media, tech, retail, travel, hospitality and public sector industries. Joshi has served in various roles pertaining to the media and communications verticals within Wipro.
He started his employment in Wipro as the regional manager – communications, media & entertainment industry Europe in 1996 and has also served as the global head of sales (media) and that of the new age, media and education verticals at Wipro.
“I am looking forward to leading our talented team toward a future where we can harness the power of technology to continue to enhance our value proposition for our clients and communities,” said Joshi, who will be based out of Wipro’s New York office.
The Americas 1 strategic market unit — comprising the entire business of Latin America and the industry sectors in the United States of America such as healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms — is Wipro’s biggest cash cow as of the three months ended 31 December 2023. The market unit contributed 31%, or $823.4 million, of Wipro’s $2.66 billion third quarter revenue.
“His client centricity and deep understanding of the industry makes him an ideal fit to lead Americas 1 strategic market,” said Srinivas Pallia, CEO and MD of Wipro Ltd, on Joshi’s appointment. “Malay has been leading one of the largest business units at Wipro and has delivered the highest CAGR over a decade across multiple global businesses,” added Pallia.
Joshi’s appointment comes on the back of Pallia, who was previously the CEO of the Americas 1 region, being promoted to the top job at India’s fourth largest IT company. Pallia’s appointment as CEO meant Thierry Delaporte’s tenure as chief executive was cut short. Delaporte’s resignation followed that of Lance Levy, who resigned as the chief executive of Capco, Wipro’s largest acquisition, in the third week of March 2024.
Wipro is the only Indian IT company out of the top four that is expected to end the year on a revenue decline. Under Delaporte’s leadership, the company’s operating margins in the December 2023 quarter narrowed to 16% from 19% on 30 June 2020, around when Delaporte took over as CEO. An exodus of about half the 750-odd executives ranked general manager and above, during Delaporte’s stint as chief executive, did not aid the company either.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates & Live Business News.
Published: 10 Apr 2024, 07:10 PM IST