CFO JATIN DALAL
Zomato Q4 earnings; Blinkit edges closer to profitability
Food delivery major Zomato reported a lower-than-expected quarterly profit of Rs 175 crore on Monday. Details on this and more in today’s ETtech Top 5.
Wipro to settle lawsuits against former executives Jatin Dalal, Haque
Wipro's new CEO, Srinivas Pallia, plans to settle legal issues with former executives like Jatin Dalal for contract breaches. Settlement details undisclosed, expected this week. Times of India first reported post-Thierry Delaporte's exit amidst lawsuits in November.
Non-compete clauses: Unenforceable under law, but companies love them
While Indian law is clear on the unenforceability of a non-compete clause operating beyond the term of employment, companies still include it in contracts, particularly for senior executives, as it’s seen as a soft deterrent, said Jay Parikh, partner at Luthra and Luthra Law Offices. Employees would rather comply than bear litigation costs and carry the burden of being sued by their previous employer.
Here's how much money Cognizant CEO Ravi Kumar S got in 2023
Cognizant CEO Ravi Kumar S's $22.5 million compensation for 2023 has sparked debate amid the company's 0.3% revenue decline to $19.4 billion. His package includes one-time awards like performance stock units and a cash sign-on bonus. The CEO pay ratio compared to employees in India is 1647:1. Previous CEO Brian Humphries received $4.2 million in 2023. CFO Jatin Dalal's target direct compensation was $5.2 million. The disparity in compensation, coupled with financial performance, has raised stakeholder concerns.
Wipro became IT's CXO nursery under Thierry Delaporte
During Delaporte's four years at Wipro, four Wipro former executives went on to become CEOs outside the company, while three became CFOs even as other senior leaders joined smaller and larger firms in top CXO roles.
Restless investors, turnaround hopes await Wipro’s new CEO Srinivas Pallia
Wipro CEO Thierry Delaporte resigns, Srinivas Pallia takes charge facing tough times. Must boost morale, focus on large deals, client mining, integrate acquisitions, manage industry analysts, and address executive departures for company revival.
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Wipro CEO Thierry Delaporte quits, to be replaced by Americas chief Srini Pallia
Srinivas Pallia, who was the CEO for the company's Americas 1 area, will take over as the new CEO and Managing Director from April 7, the company added.
Wipro promotes over 30 senior executives to SVP, VP roles
Those elevated include Wipro's chief delivery officer Ajit Mahale, healthcare portfolio leader Anuj Kumar, Canada country head Kim Watson, Europe cloud sales head Srinivasaa HG, the head of its cloud arm's strategy and execution arm Satish Y and consulting unit Capco's chief financial officer (CFO) Benjamin Simon.
Wipro's case against former CFO Jatin Dalal referred to arbitration
On January 3, Wipro and Dalal were directed to resolve the case under section 8 of the Arbitration Conciliation Act, 1996. The official order will be uploaded in the next week.
2023 Year in Review: top-level management rejig hit India’s IT services firms
From Infosys and TCS to Wipro and Tech Mahindra, top-level management in Indian IT majors underwent a major churn in 2023. ETtech looks at it.
IT executive exodus: a primer on breach of contract, lawsuits
IT major Wipro has filed at least two legal complaints against its former senior executives including former senior vice president Mohd Haque and ex CFO Jatin Dalal for breach of his employment contract with Wipro. What does this mean?
Explainer: A primer on breach of contract, lawsuits
Wipro and Infosys are pursuing legal action against former executives joining Cognizant, raising questions on non-compete clauses' validity in India. While Wipro sued ex-SVP Mohd Haque and CFO Jatin Dalal, Infosys accused Cognizant of unethical hiring. Experts note the challenges enforcing non-compete clauses due to constitutional rights. Past cases lack significant precedents. The desperation to retain talent amid a sluggish market and geopolitical uncertainties might be driving these legal battles among IT giants.
Wipro seeks Rs 25 crore damages from ex-CFO Jatin Dalal for breach of non-compete rule
As part of the non-compete agreement, one of the clauses bars Dalal from joining any other rival company for a period of 12 months from the date of his resignation.
Indian IT firms fight it out to foil plans of talent-fishing companies
Plagued by a slew of senior-level management exodus, Wipro has filed lawsuits against at least two of them. In another instance, Infosys, the country’s second largest IT services firm, is reported to have accused Cognizant of using “unethical poaching tactics”.
Wipro sues former CFO Jatin Dalal who joined rival Cognizant
Former Wipro CFO Jatin Dalal joined Cognizant on December 1. While the reasons for the suit remain uncertain, the next hearing is scheduled on January 3, a person with direct knowledge ET spoke to confirmed.
Leadership crisis deepens at Infosys as CFO Nilanjan Roy resigns
Roy's last day will be effective from March 31, 2024, Infosys said in a regulatory filing.
Frequent job switches light up CFO salaries
Chief financial officers (CFOs) are changing jobs more frequently as companies seek experienced CFOs to ensure financial stability, meet accounting and regulatory norms, rationalize costs, and raise funds in a volatile business environment. This high turnover has also led to an increase in CFO compensation, with some CFOs earning salaries closer to those of CEOs.
Cognizant appoints Wipro executive Jatin Dalal as CFO
Dalal will succeed Jan Siegmund, who intends to retire in early 2024, Cognizant said in a release, adding that Dalal will be reporting to chief executive officer Ravi Kumar S.
Wipro slides 3% after CFO Dalal resigns in latest high-profile exit
The company said on Thursday Dalal was resigning to pursue other opportunities after more than two decades with the company, and will be replaced by Aparna Iyer, also a 20-year veteran who was most recently senior vice president and CFO of Wipro's cloud services unit.
Wipro CFO Jatin Dalal resigns, Aparna Iyer named new finance chief
Aparna Iyer has served more than 20 years in the company. She will replace Dalal, effective September 22, Wipro said in a regulatory filing.
Over 90% of Wipro’s freshers chose lower salary option: CFO Jatin Dalal
In February, Pune-based labour union Nascent Information Technology Employees Senate (NITES) had filed a complaint against the company with the central labour ministry alleging "unethical reduction" in salary offers of more than 4,000 candidates.
Acquisitions in underpenetrated spots, not looking at small targets: Wipro CFO Jatin Dalal
The Bengaluru-based firm has been aggressively pursuing its inorganic strategy, with chief executive and managing director Thierry Delaporte undertaking 12 acquisitions since he took over in July 2020.
Wipro cancels Q1 guidance: Key Q4 takeaways
Wipro posted a profit of Rs 2,345.20 crore compared with Rs 2,493.90 crore last year.
Wipro plans a fresh shot at a ‘Quantum’ digital leap
Quantum, initiated after an external audit, includes transformation of various processes and operations across finance, sales, delivery, human resources and other departments.
Our resonance with digital customers has increased significantly: Wipro
There is a lot of uncertainty in the environment, says Abidali Z Neemuchwala.
Wipro posts 3% fall in profit, fails to impress Street; 6 key takeaways
Wipro Q3 profit fell 3% to Rs 2,463 crore. Revenue increased 2.73% to Rs 15,470.50 crore.
Wipro Q3 will be better than both Q1 and Q2: Abidali Neemuchwala
I would not even go to Q4 right now. I would just talk about Q3 which we feel pretty good about.
Wipro digital order book is the highest ever, deal sizes are increasing too
“The core business can generate good profitability and we will improve margins”
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