India's Wipro says CFO Dalal resigns, replaced by 20-yr veteran Iyer

FILE PHOTO: Wipro Ltd logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

BENGALURU (Reuters) -Indian IT services provider Wipro said on Thursday that Jatin Dalal has resigned as chief financial officer to pursue other opportunities after more than two decades with the company.

Dalal 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, the company said.

While Iyer will take over as CFO on Sept. 22, Dalal will stay on until Nov. 30, Wipro said.

Dalal, who became CFO in 2015, and CEO Thierry Delaporte guided Wipro through the pandemic years as demand for digital services boomed.

The Bengaluru-based company's stock surged 57% in 2020 and 85% in 2021. However, it gave up a chunk of those gains last year as demand waned.

In July, Wipro and its larger peers flagged an uncertain environment as clients cut spending, and the company said revenue from IT services would remain largely flat in the current quarter.

Indian IT companies are seeing delays in deal closures, order rampdowns and cancellations due to recession worries in their key U.S. and European markets.

However, Goldman Sachs recently said it expects the sector's revenue growth to pick up, driven by pent-up demand and the impact of adopting generative artificial intelligence (AI) tech.

Delaporte said in a statement that Iyer has been integral to Wipro's finance transformation over the last few years.

She has played "a key role in our financial strategy and planning, investment programs, and transformation initiatives," Delaporte said.

Wipro's shares have risen a shade over 9% so far this year, underperforming a 15% rise in the broader Nifty IT index.

(Reporting by Ashish Chandra in Bengaluru; Editing by Savio D'Souza)

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