Anindita Nayak
Bhubaneswar, 25 June 2024
In a letter to Wipro’s shareholders, Chairman Rishad Premji expressed confidence in the company’s new CEO, Srini Pallia. He backed Pallia’s leadership and said: “Together, we are on the brink of a bright future.”
In Wipro’s 2023-24 annual report, Rishad Premji acknowledged the immense difficulties faced over the past year, describing it as “one of the most challenging years in our company’s history.”
“FY24 has undoubtedly been one of the most challenging years in our company’s history. The global economic climate has been quite volatile, affecting the technology
spends of our clients,” he wrote to the shareholders in the annual report.
Srini Pallia, who has been with Wipro for over 32 years, became the CEO after Thierry Delaporte unexpectedly resigned 18 months before his term was due to end.
“Since taking over, I have connected with every facet of the organisation, including clients, colleagues, and partners, and gained valuable insights into their perspectives. This has led to a strategic plan that focuses on leveraging our company’s strengths to serve our clients better and embrace the ongoing advancements in AI, positioning us for renewed growth,” said Pallia, CEO and MD, Wipro, in his letter to stakeholders.
In FY24, Wipro’s revenue dropped 4.4% to $10.8 billion, while its operating margin rose to 16.1%. In the annual report, CEO Srini Pallia highlighted five key strategies to revitalize the company in FY25.
“Our consulting-led approach empowers clients to unlock value from AI, enabling them to achieve both short-term and long-term goals. As the benefits of AI enhanced stakeholder experience, revenue insights, and cost optimisation – become apparent, we anticipate a significant acceleration in this space,” said Pallia.
Rishad Premji emphasized that generative artificial intelligence (GenAI) is no longer just a curiosity but has become a key part of long-term value creation strategies.
“Despite some short-term challenges, the fundamentals of our business remain unchanged. Over the past year, there has been a dramatic shift in how businesses view AI, particularly Generative AI,” he said further. Wipro has trained more than 225,000 employees in basic GenAI principles, with 30,000 receiving advanced training customized for their specific job responsibilities.
In FY24, Wipro, based in Bengaluru, saw its workforce decrease by 24,516 employees, bringing the total to 234,054. In the fourth quarter alone, the company reduced its headcount by 6,180 employees.
