Wipro CFO Jatin Dalal resigns, Aparna Iyer named new finance chief
Synopsis
Aparna Iyer has served more than 20 years in the company. She will replace Dalal, effective September 22, Wipro said in a regulatory filing.
By ETtech
Last Updated:
IT services company Wipro said on Thursday that its chief financial officer, Jatin Dalal, resigned from the company after a 21-year stint. India's fourth largest software services firm has elevated insider Aparna C Iyer as its new CFO.
Iyer will be the new CFO effective Friday, Wipro said in stock exchange disclosure. She will report to chief executive Thierry Delaporte and join the Wipro executive board.
A chartered accountant, Iyer joined Wipro in April 2003 and before the latest elevation, she was senior vice-president (SVP) of finance and chief financial officer of Wipro’s FullStride Cloud unit.
In his resignation letter submitted on Thursday, Dalal, the company’s CFO since 2015, said he is looking to pursue his professional goals outside the organisation.
Peter Bendor-Samuel, CEO and founder of IT research firm Everest Group called the abrupt resignation of Jatin Dalal as a "significant surprise". "At this time, it is unclear what has driven this decision. However, it comes at a bad time for Thierry and the leadership of Wipro which is already under significant market pressure," he added.
“A CFO position is a strong pillar of the company and since he’s an old hand who has spent many years with the company, it could be a blow for Wipro. Also, the frequency of exits and changes at senior positions may not bode well in the near term…The morale (of the company) could be dented given that it has not been performing too well,” said a senior industry expert.
However, the expert also added: “There is ample skill and strength available within the industry and it may not cause any structural issue given that the new CFO is an insider.”
Senior executives who left Wipro this year included chief operating officer Sanjeev Singh; country head Satya Easwaran; SVP and head of healthcare and medical devices for the Americas Mohd Haque; and SVP and head of the manufacturing and hi-tech business unit.
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Dalal's resignation is the latest in a series of top-level exits at the IT firm over the past 12 months. He will leave the company at the end of November.Elevate Your Tech Prowess with High-Value Skill Courses
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A chartered accountant, Iyer joined Wipro in April 2003 and before the latest elevation, she was senior vice-president (SVP) of finance and chief financial officer of Wipro’s FullStride Cloud unit.
In his resignation letter submitted on Thursday, Dalal, the company’s CFO since 2015, said he is looking to pursue his professional goals outside the organisation.
Peter Bendor-Samuel, CEO and founder of IT research firm Everest Group called the abrupt resignation of Jatin Dalal as a "significant surprise". "At this time, it is unclear what has driven this decision. However, it comes at a bad time for Thierry and the leadership of Wipro which is already under significant market pressure," he added.
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“A CFO position is a strong pillar of the company and since he’s an old hand who has spent many years with the company, it could be a blow for Wipro. Also, the frequency of exits and changes at senior positions may not bode well in the near term…The morale (of the company) could be dented given that it has not been performing too well,” said a senior industry expert.
However, the expert also added: “There is ample skill and strength available within the industry and it may not cause any structural issue given that the new CFO is an insider.”
ADVERTISEMENT
Senior executives who left Wipro this year included chief operating officer Sanjeev Singh; country head Satya Easwaran; SVP and head of healthcare and medical devices for the Americas Mohd Haque; and SVP and head of the manufacturing and hi-tech business unit.