Wipro Chairman Rishad Premji Backs CEO Srini Pallia's Vision

Wipro's Chairman Rishad Premji expressed confidence in the leadership of newly appointed CEO Srini Pallia in a letter to shareholders, foreseeing a promising future despite acknowledging significant challenges faced during the fiscal year 2023-24. 

“I’m delighted to welcome Srini Pallia, our new CEO and MD. Srini took over in April 2024, and we are all incredibly excited to have him on board. Under his leadership, we are in for a bright future together,” Premji mentioned in the letter to shareholders.

The IT services giant reported a 4.4 per cent dip in gross revenue, amounting to USD 10.8 billion, yet managed to improve its operating margin to 16.1 per cent.

Srini Pallia, a veteran of over 32 years at Wipro, outlined a strategic plan aimed at leveraging the company's strengths to enhance client service and capitalise on advancements in artificial intelligence (AI). Pallia stressed a consulting-led approach to unlock AI's potential, aiding clients in achieving both short-term gains and long-term strategic objectives.

The strategic focus for the upcoming fiscal year 2024-25 includes revitalising Wipro across five key areas, aligning with Pallia's vision to position the company for renewed growth amidst industry-wide transformations driven by AI technologies.

Rishad Premji highlighted the transformative role of Generative AI (GenAI), moving beyond experimental phases to becoming a pivotal component in Wipro's long-term value creation strategies. 

“Over the past year, there has been a dramatic shift in how businesses view AI, particularly Generative AI. From being a topic of curiosity, it is now a core component of long-term strategies for value creation,” said Premji.

Despite widespread industry layoffs, Wipro said it remains committed to talent development, partnering with esteemed institutions such as the Indian Institute of Technology (IIT) and the Indian Institute of Science (IISc) to bolster its AI expertise and upskill its workforce.

Wipro's proactive approach to employee development includes training initiatives that have equipped over 2,25,000 employees with basic GenAI fundamentals, with 30,000 receiving advanced, role-specific training. Initiatives like iAspire offer personalised learning journeys, reflecting Wipro's commitment to nurturing a future-ready workforce adept in cutting-edge AI technologies.