Wipro’s CFO Jatin Dalal steps down as Chief Financial Officer within an intent of exploring other ventures

Indian IT services company Wipro announced on Thursday that Jatin Dalal, who has been with the company for more than two decades, is stepping down from his position as Chief Financial Officer (CFO) to explore other opportunities.

In his place, Aparna Iyer, another seasoned Wipro veteran with 20 years of experience, will assume the role of CFO. Iyer most recently served as Senior Vice President and CFO of Wipro’s cloud services division.

Aparna Iyer is scheduled to take on her new responsibilities as CFO starting on September 22, while Jatin Dalal will continue in his role until November 30, according to a statement from Wipro.

Jatin Dalal, who took on the role of CFO in 2015, worked alongside CEO Thierry Delaporte to guide Wipro through the challenging years of the pandemic, during which the demand for digital services surged. Wipro, headquartered in Bengaluru, experienced significant stock growth, with a 57 percent increase in 2020 and an 85 percent increase in 2021. However, the company saw a decline in these gains in the past year as demand waned.

In July, Wipro, along with other major IT companies, expressed concerns about an uncertain business environment as clients reduced their spending. The company expected that revenue from IT services would remain relatively stable in the current quarter.

Indian IT firms have faced delays in closing deals, reductions in order volume, and cancellations due to concerns about a recession in their crucial U.S. and European markets.

Nevertheless, Goldman Sachs recently predicted a revival in the industry’s revenue growth, driven by pent-up demand and the adoption of generative artificial intelligence (AI) technology.

In response to these changes, CEO Thierry Delaporte praised Aparna Iyer’s significant contributions to Wipro’s financial transformation in recent years. She played a vital role in shaping the company’s financial strategy, investment programs, and transformation initiatives, according to Delaporte.

Wipro’s stock has experienced a modest year-to-date increase of just over 9 percent, which lags behind the broader Nifty IT index’s 15 percent rise.