“Wipro Initiates Legal Action Against Former CFO Amid CEO Speculation and Market Turbulence”
Rumors and speculation have stirred significant movement within Wipro, one of India’s largest IT corporations, amid the departure of its former Chief Financial Officer (CFO), Jatin Dalal, and swirling suggestions regarding a change in the company’s leadership.
Rumors and speculation have stirred significant movement within Wipro, one of India’s largest IT corporations, amid the departure of its former Chief Financial Officer (CFO), Jatin Dalal, and swirling suggestions regarding a change in the company’s leadership.
After 21 years with Wipro, Jatin Dalal exited the firm on November 30, 2023, transitioning to join Cognizant. However, within days of his departure, Wipro took legal action against Dalal, filing a lawsuit in a Bengaluru civil court. While the specific grounds for the lawsuit remain undisclosed by the company, The Times of India reported that Dalal has responded by seeking arbitration, aiming to resolve the matter privately.
The Bengaluru court is scheduled to convene on January 2 for the next hearing, where the decision regarding potential arbitration will be deliberated. Arbitration is being considered as an alternative method for resolution, offering a more private and streamlined approach compared to traditional court proceedings.
Meanwhile, Wipro, in regulatory filings subsequent to Dalal’s departure, revealed that Aparna Iyer would succeed him as the new CFO, reporting directly to Chief Executive Officer Thierry Delaporte. Further details about the ongoing lawsuit are anticipated to surface during the subsequent hearings.
In tandem with this legal dispute, Wipro’s stocks encountered turbulence on the market following speculations about a potential change in the company’s CEO. Reports from Moneycontrol, citing three sources, suggested a looming removal of Thierry Delaporte from the top position.
Amidst these rumors, Wipro allegedly contemplated the appointment of former L&T Infotech CEO Sanjay Jalona to steer the company towards growth. However, the company has refuted these claims, dismissing them as mere speculation.
CEO Thierry Delaporte has faced mounting pressure over the past few quarters to enhance the company’s profitability, especially as key executives depart the tech giant. These swirling rumors led to a dip of approximately 2 percent in Wipro’s shares in the previous week.
As the legal proceedings with Jatin Dalal unfold and speculation looms regarding leadership changes, Wipro navigates a pivotal juncture amidst a landscape of shifting dynamics within the company’s hierarchy and market perception.
Sources By Agencies
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