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Bangalore-based IT giant <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> Limited has appointed <keyword id="2687302" type="UNKNOWN" weightage="20" keywordseo="Jatin-Dalal">Jatin Dalal</keyword> as the new Chief Financial Officer (CFO) of the group following the retirement of <keyword id="193587" type="PERSON" weightage="20" keywordseo="Suresh-Senapaty">Suresh Senapaty</keyword>, the current CFO and executive director, on March 31, 2015. On the other hand, Dalal is the current senior vice president of the company’s Finance vertical. 
	 “Suresh has been an integral part of the company’s think-tank and has played a catalytic role in taking the company to great heights. His exemplary contribution has seen Wipro setting new benchmarks in finance, governance and strategy. He has also emerged as a key industry voice, who has championed several governance and policy issues, pertinent to the IT industry. I personally thank him and his family for his contribution to Wipro and wish him all the very best in his future plans,” said Wipro founder chairman <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>. 
	 
	Sharing a similar sentiment, Senapaty said, “It has been an exciting, challenging and fulfilling journey for me. Wipro has been an outstanding place to work, learn and grow. Helping build Wipro’s finance function and a strong culture of corporate governance apart from being a part of the organization’s growth journey are memories that I cherish. This has been a wonderful journey, personally and professionally. I also wish to express my gratitude to all colleagues and other stake holders for their support over the years and wish Jatin all the very best.” Senapaty has been with the company for thirty years. 
	 
	Jatin Dalal joined Wipro in 2002 and was instrumental in setting up Wipro’s shared services division Wividus. Dalal will assume charge on April 1, 2015.

Wipro Appoints New CFO, Suresh Senapaty Retires

Rumours were rife stating that <keyword id="197349" type="PERSON" weightage="100" keywordseo="Rishad-Premji">Rishad Premji</keyword> would be joining his father’s company <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> in the coming months. Now, another report is out that suggests that <keyword id="2546889" type="UNKNOWN" weightage="100" keywordseo="Azmi-Premji">Azmi Premji</keyword>’s son is going to join daddy’s company soon. He seems to be the preferred choice when it comes to handling financial matters. 
 Apparently, the current <keyword id="53346" type="POSITION" weightage="80" keywordseo="CFO">CFO</keyword> <keyword id="193587" type="PERSON" weightage="80" keywordseo="Suresh-Senapaty">Suresh Senapaty</keyword> is going to retire in the last quarter of this financial year. With this vacancy Rishad is the right person to fill the CFO’s spot and learn the ropes of the company that is popular for IT services. The move is set for 2016, however some inside sources said that Rishad might take up the board job earlier than predicted. 
 Rishad did his master from <keyword id="70846" type="ORGANIZATION" weightage="60" keywordseo="Harvard-Business-School">Harvard Business School</keyword> and BA in economics from Wesleyan University. He is trying to fit in his father’s shoes, who is much grounded and hardly takes a wrong decision. We have seen on numerous occasions that the scions of a big multi-national often fail to take the business to the next level. Will Rishad mana<keyword id="45528" type="CITY" weightage="80" keywordseo="GE">ge</keyword> to go the extra mile for the company so fondly created by his father? Going by his education and his previous work experiences at Bain and Co along with GE capital he might do well. But, we will come to know exactly in a few years’ time. 
 
Image:FB

Is Rishad Premji Joining The Wipro Group As Its Next CFO?

After investing in Indian aviation sector, billionaire <a href="http://www.businessinsider.in/searchresult.cms?query=rakesh+jhunjhunwala">Rakesh Jhunjhunwala</a> is going to invest in startups. 
 
Reportedly, Jhunjhunwala is going to invest a <a href="http://www.businessinsider.in/searchresult.cms?query=venture+capitalists">venture capital fund</a>- Exfinity. The firm looks at technology startups and the billionaire investor is the biggest investor in Exfinity's second fund. 
 
The venture capitalist firm, Exfinity, which is run by technology industry veterans such as V Balakrishnan, Mohandas Pai, Deepak Ghaisas and Suresh Senapaty, is looking to raise Rs 250 crore. 
 
In the first round, Exfinity raised Rs 125 crore . 
 
(Image: Indiatimes)

Billionaire investor Rakesh Jhunjhunwala pumps money into startup

IT <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> has reported a 29.5% increase in its consolidated net profit at Rs 2,103.2 crore for the April-June quarter of FY2014-15. It had registered a net profit of Rs 1,623.3 crore in the same period last year, it said in a BSE filing. 
 
The Bangalore-headquartered firm’s consolidated net sales went up by 15.5% to Rs 11,245.5 crore in the April-June quarter of the current financial year from Rs 9,733.2 crore in the corresponding quarter of FY2013-14. 
 Wipro chairman <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword> said, "We see a significant rise in business confidence in developed markets as well as India." 
 
"We continue to win large deals particularly in the application and infrastructure space. We recently announced our largest ever total outsourcing deal," Wipro CEO T K Kurien said. 
 
These deals indicate the confidence of clients in Wipro's transformational capabilities and re-affirm their faith in its client engagement strategy, he added. 
 
"We continue to drive operational efficiency and invest in our strategy. Operating margins for the quarter was on expected lines, impacted largely due to wage hikes," Wipro CFO Suresh Senapaty said. 
 
"It’s been a lukewarm period overall for the IT industry at large, including Wipro. That said, few contracts over the last quarter has helped Wipro get access to more high-profile deals at a time when outsourcing demand looks stronger as compared to previous years," Greyhound Research CEO Sanchit Vir Gogia said.

Wipro Q1 Net Profit Rises 29.5% To Rs 2,103 Crore

Wipro Chief Executive <keyword id="534477" type="UNKNOWN" weightage="80" keywordseo="TK-Kurien">TK Kurien</keyword> received an impressive appraisal of 32% in 2014-15 and drew a package of around $ 1.5 million. In last financial year, Wipro performed marginally better as compared to previous years but the overall revenue growth fell short of industry-level growth rates. 
 
It is noteworthy that his pay package does not include earnings from the shares he holds in Wipro. 
 Coming to Wipro's billionaire chairman <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>, who next year will complete his 50th anniversary at the company that originally started out as a vegetable-oil maker, his package was $767,685 during the financial year ended March 2015. 
 
Economic Times reported the salary of Premji, who currently holds 73.39% of Wipro's total shares, includes a 0.3% commission on incremental net profits of Wipro during a typical financial year. 
 
"Azim H. Premji was paid a commission at the rate of 0.3% on incremental net profits of Wipro Ltd. over the previous year computed based on the method approved by the Board Governance, Nomination and Compensation Committee and in accordance with the provisions of the Companies Act, 2013," Wipro said in a regulatory filing to the US Securities and Exchange Commission. 
 
ET reported that during the financial year ended March 2015, Kurien's total package stood at $1.46 million, including variable pay, bonus and other long-term compensation payouts, according to the filing. Wipro's former finance Suresh Senapaty, who retired earlier this year, took home a pay package of $541,561 during the year. 
 
Meanwhile, CEO of Infosys, Vishal Sikka, gets an annual pay package of $5.08 million, without stock options. ET in its report said that on a pro rata basis, Sikka made $741,433 during 2014-15. CEO of Tata Consultancy Services, N. Chandrasekaran, commanded a salary of nearly $3.15 million during 2013-14. 
 
CEOs of India's IT industry are among the best paid leaders across industries in the corporate sector over the past decade. 
 But, e-Commerce companies such as <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal, which receive funds from generous investors, are also now splurging heavily on hiring the creme-de-la-creme of talent and are paying out multi-million dollar packages to their top executives. 
 For instance, in March, two of <keyword id="6355629" type="CITY" weightage="60" keywordseo="Google">Google</keyword>'s engineering VPs - Piyush Ranjan and Punit Soni - relocated from the Bay Area to work with India's largest e-Commerce company Flipkart. Both are being paid Valley salaries too - $5-6 million annual packages. 
 
(Image: Indiatimes)

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Wipro Appoints New CFO, Suresh Senapaty Retires

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Is Rishad Premji Joining The Wipro Group As Its Next CFO?

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Billionaire investor Rakesh Jhunjhunwala pumps money into startup

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Wipro Q1 Net Profit Rises 29.5% To Rs 2,103 Crore

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CEOs of Indian IT industry are leaders in pay packages also. See who earns how much

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