Days before the announcement of January-March quarter 2023-24 financial results, the IT major Wipro Ltd today announced the appointment of Srini Pallia as the Chief Executive Officer (CEO) and Managing Director (MD) of the company, effective immediately.

He succeeds Thierry Delaporte, who spent four years as CEO and MD of Wipro. Delaporte is stepping down to "pursue passions outside the workplace", the company informs via stock exchanges.

The Wipro stock had closed 0.47% down at ₹485.20 on the BSE on Friday.

Srini has been with Wipro for over three decades and most recently served as the CEO for Americas 1, Wipro's biggest and fastest-growing strategic market. In this role, he oversaw diverse industry sectors, established their vision, and implemented growth strategies, resulting in increased market shares within these sectors. Srini is a member of the Wipro Executive Board.

“Srini is an ideal leader to lead Wipro at this pivotal moment for our company and industry. Over the past four years, Wipro has undergone a major transformation under the most challenging external conditions. Srini has been an integral part of this journey. His client-centric approach, growth mindset, strong execution focus, and his commitment to Wipro's values, make him the perfect fit as we enter the next chapter of growth and profitability,” says Rishad Premji, chairman, Wipro.

Rishad says he would like to express gratitude to Thierry for his leadership at Wipro. "The changes he implemented have better positioned us for the future. We have optimised our structure, enhanced our leadership, prioritized partnerships, and improved our overall efficiency. This provides a strong foundation for Srini to effectively build upon.”

“Thierry will continue until the end of May, working closely with Srini and me to ensure a smooth transition,” adds Rishad Premji.

Srini joined Wipro in 1992 and has held many leadership positions, including President of Wipro’s consumer business unit and global head of business application services. Srini brings to the CEO role extensive institutional and industry knowledge, as well as a strong track record of leadership through some of the most significant technological shifts the industry has seen.

Srini Pallia says Wipro is one of those rare companies that combines profit with purpose. "I am excited to build on the strong foundation established by Thierry and lead Wipro on its next growth trajectory. I have built my entire career at Wipro, and I have a deep appreciation of our 78-year history and our incredible team of more than 240,000 associates. We have the right strategy, and tremendous people and capabilities throughout the organisation, and I am excited about the opportunities for future growth.”

Departing chief executive Delaporte says he is proud of the solid foundation the team under him laid for Wipro’s future success. “In the four years we have worked together, Srini has built a successful business in our largest market of Americas 1 and has become an important strategic partner to our clients. As I pass the torch to Srini, I'm confident he'll continue our journey, steering us to greater heights.”

Srini holds a bachelor’s degree in engineering, and a master’s in management studies from the Indian Institute of Science, Bangalore. He graduated from Harvard Business School’s Leading Global Businesses executive program, and the Advanced Leadership Program at McGill Executive Institute. Srini will be based in New Jersey and report to Chairman Rishad Premji.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.