Wipro has been trailing its peers on the performance front with subdued report card and weak guidance and saw a spate of senior-level departures last year
By Shajil KumarApr 08, 2024
INDIAN IT major Wipro has announced the resignation of Thierry Delaporte as CEO and named Srinivas Pallia as the new Chief Executive Officer of the company.
The announcement was made in a Bombay Stock Exchange (BSE) filing on Saturday (6), and it comes days before the Bengaluru-headquartered company is scheduled to announce its Q4 and full-year earnings for 2023-24 on April 19.
Wipro has been trailing its peers on the performance front with subdued report card and weak guidance and saw a spate of senior-level departures including CFO Jatin Dalal and chief growth officer Stephanie Trautman last year.
According to a Wipro release, Pallia 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.
In a BSE filing, Wipro said its Board noted the resignation of Delaporte with effect from April 6, 2024, and went on to add that he will be relieved from the employment of the company with effect from the close of business hours on May 31.
"At their meeting held on April 6, 2024...pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors has approved the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company with effect from April 7, 2024, for a period of five years, subject to the approval of shareholders and the Central Government as may be applicable," Wipro informed in an exchange filing.
Before taking over the reins of Wipro as its CEO in July 2020, Delaporte worked with Capgemini.
Delaporte's annual salary of over Rs 800 million at Wipro had made headlines last year.
The $11.2 billion global information technology, consulting and business process services company competes in the global outsourcing market with Tata Consultancy Services, Infosys, HCL Technologies, Cognizant and other international and domestic IT players.
Pallia 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.
He 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. (PTI)
UK VEHICLE production in the first half of this year has dropped to its lowest level since 1953, excluding the Covid shutdown period, according to the Society of Motor Manufacturers and Traders (SMMT).
Car output declined by 7.3 per cent in the six months to June. Van production fell by 45 per cent, driven in part by the closure of Vauxhall’s Luton plant, the BBC reported.
The fall comes amid uncertainty over US tariffs, with some firms slowing or halting production earlier in the year.
A UK-US tariff deal, announced in May and effective from 30 June, reduced duties from 27.5 per cent to 10 per cent, and a small increase in production was recorded in June.
Mike Hawes, SMMT chief executive, said the figures were “depressing” and hoped the first half marked “the nadir” for the industry. He said the target of 1.3 million vehicles annually by 2035 was ambitious and would require at least one or two new manufacturers to set up in the UK.
Electrified vehicle production rose 1.8 per cent, making up over two in five vehicles. Last week, the government reinstated EV grants of up to £3,750 for models priced below £37,000, but the SMMT said the new scheme lacked clarity.
The government said it expects dozens of models to qualify for the grant and is working with manufacturers.
The £650 million fund will be awarded on a first-come, first-served basis.
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Kristin Cabot exits Astronomer after Coldplay kiss cam moment sparks CEO fallout and public backlash
Kristin Cabot, Chief People Officer at Astronomer, has resigned following a viral concert video.
The clip showed her embracing CEO Andy Byron at a Coldplay concert in Massachusetts.
Byron resigned earlier amid an internal investigation.
The video sparked widespread online memes, speculation, and intense media scrutiny.
A senior executive at US tech firm Astronomer has stepped down days after a viral video from a Coldplay concert thrust the company into the spotlight. Kristin Cabot, the firm's chief people officer, resigned following the online uproar over a clip that appeared to show her in a close moment with CEO Andy Byron during the band’s recent performance.
Her resignation comes shortly after Byron also left his post, with Astronomer confirming both departures amid growing public interest and internal reviews.
Kristin Cabot The Sun
What happened at the Coldplay concert?
The now-viral footage was captured during a Coldplay show at Gillette Stadium in Foxborough on 16 July. As part of frontman Chris Martin’s interactive segment called the Jumbotron Song, cameras panned across the crowd, momentarily focusing on Cabot and Byron.
The pair were seen smiling and swaying before visibly reacting to being caught on the jumbo screen. Cabot quickly covered her face and turned away, while Byron ducked out of view. Martin quipped to the audience, “Either they’re having an affair, or they’re just very shy,” further fuelling online speculation.
The clip rapidly circulated on social media, spawning memes, parody videos, and raising questions about the identities of the couple. Internet sleuths quickly linked the pair to Astronomer, a previously low-profile New York-based data and AI startup.
— (@)
Who are Kristin Cabot and Andy Byron?
Kristin Cabot was a high-level executive responsible for HR and workplace culture at Astronomer. She had only recently joined the company, with her hiring announced in a press release in November 2024.
Andy Byron, who served as CEO, was placed on administrative leave shortly after the video went viral. His resignation was confirmed a day later. Neither Cabot nor Byron has made public statements regarding their relationship or the incident. Both are reportedly married, and their profiles have now been scrubbed from Astronomer’s official website.
Andy Byron and Kristin Cabot caught on Coldplay kiss cam during Boston show X Screengrab
What has Astronomer said?
Astronomer responded to the situation by naming co-founder and chief product officer Pete DeJoy as interim CEO. In a company-wide message shared online, DeJoy acknowledged the "surreal" nature of the media attention.
“The spotlight has been unusual and surreal for our team,” he said. “While I would never have wished for it to happen like this, Astronomer is now a household name. We’re focused on moving forward and maintaining trust with our community.”
While the company has not directly addressed the video, its timing aligned with the departures, and the sequence of events strongly suggests internal concerns prompted both resignations.
— (@)
What impact did the video have?
Beyond internal shakeups at Astronomer, the viral video had unexpected ripple effects. Coldplay saw a 20% surge in online streams of their music in the days following the incident, according to analytics firm Luminate.
The moment also sparked conversations about workplace boundaries, online privacy, and the consequences of being thrust into internet fame without consent. Some viewers criticised the couple, while others questioned the ethics of public shaming over personal moments caught in viral content.
For Astronomer, a company that provides data solutions for large enterprises, the incident is a dramatic and unintended jump in public visibility, though not the kind any startup typically seeks.
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NatWest also raised its key profit guidance for the year, saying it now expects to achieve a return on tangible equity of 16.5 per cent, up from its earlier guidance of up to 16 per cent.
NATWEST reported an 18 per cent rise in first-half profit on Friday, slightly ahead of expectations, as it recorded growth in both loans and deposits. The performance allowed the bank to announce a new share buyback worth £750 million.
The British lender posted an operating pretax profit of £3.6 billion for the January to June period. This compares with the £3.46bn average forecast from analysts compiled by the bank.
NatWest also raised its key profit guidance for the year, saying it now expects to achieve a return on tangible equity of 16.5 per cent, up from its earlier guidance of up to 16 per cent.
The results come a day after Lloyds also posted strong earnings, supported by continued resilience among UK households and businesses despite broader economic uncertainty.
The share buyback announcement was in line with analyst expectations of £730m. NatWest shares have climbed 47 per cent over the past year.
On 30 May, NatWest announced it had returned to full private ownership, marking the end of a taxpayer-funded government stake dating back to its 2008 financial crisis rescue.
Then known as RBS, the bank has shifted from being a global investment bank to a domestic-focused corporate and retail lender, which has helped shield it from broader market disruptions.
After years of reducing its operations, NatWest has started expanding again. In June last year, it acquired the banking arm of supermarket retailer Sainsbury’s as part of broader consolidation across the UK financial sector.
The Sainsbury’s deal contributed £2.2bn in customer balances in the second quarter, supporting NatWest’s overall loan growth of £8bn during the period.
The bank said its lending performance, along with relatively low impairments, has helped ease concerns about the impact of slow economic growth and persistent inflation on businesses and mortgage holders.
Competition is expected to increase further this year following Santander’s acquisition of TSB, which created a larger competitor to major players such as NatWest and Lloyds.
(With inputs from Reuters)
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Prime minister Keir Starmer and prime minister Narendra Modi of India walk on the ground at Chequers near Aylesbury, England, Thursday, July 24, 2025. Kin Cheung/Pool via REUTERS
THE India-UK free trade agreement signed on Thursday (24) has been hailed by Indian business and industry leaders as a “transformational milestone” for trade.
Following his talks with Starmer, Modi described the “historic” deal as the start of a new chapter in bilateral relations, which will greatly improve the ease and confidence of doing business between the two countries.
Sunil Bharti Mittal, founder and chairman of Bharti Enterprises and co-chair of the India-UK CEO Forum, who accompanied Modi as part of the Confederation of Indian Industry (CII) delegation, said businesses in both countries stand to “gain tremendously” from the agreement.
“Indian industry across all sectors welcomes the India-UK FTA with great optimism. This agreement establishes a modern, forward-looking partnership that will stimulate innovation, improve market access, and encourage investment,” said Mittal.
“Businesses in India and the UK will benefit greatly, as the deal lays the foundation for expanding cooperation across key growth sectors."
Once implemented after British parliamentary approval, the deal is expected to lower trade barriers, boost investor confidence, and encourage joint ventures and technology transfers, particularly in labour-intensive industries such as textiles and apparel, leather goods, gems and jewellery, and marine products.
The agreement also opens up new opportunities in clean energy, digital technology, life sciences and advanced manufacturing.
According to the CII, India’s rapidly growing market and manufacturing strengths combined with the UK’s expertise in innovation, finance, and high-end services will further accelerate economic ties.
Another significant benefit of the FTA is a reciprocal social security agreement, allowing Indian professionals in the UK to continue contributions in their home country for up to three years.
“CII has long advocated for a comprehensive and forward-looking India-UK free trade agreement. This FTA marks a defining moment, showing our shared commitment to inclusive growth, economic resilience, and industrial transformation,” said Chandrajit Banerjee, CII director general.
“It creates a strong foundation for deeper market access, regulatory cooperation, and next-generation partnerships between Indian and UK businesses,” Banerjee added.
Kirit Bhansali, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), called the trade deal a “landmark accord” unlocking exciting opportunities for the gems and jewellery sector.
“Currently, exports to the UK are £750 million; with duty concessions, this is expected to rise to around £2 billion within three years, raising overall bilateral trade in this sector to an estimated £5.5bn,” said Bhansali.
From the UK side, Rolls-Royce Plc’s chief executive welcomed the “landmark” agreement in bilateral cooperation.
“Rolls-Royce is expanding its aerospace capabilities in India, and we look forward to working with partners there to co-develop power and propulsion technologies for India and beyond, building on 60 years of successful technology transfer. This will create jobs and foster technology and manufacturing growth,” said Tufan Erginbilgic.
Nik Jhangiani, interim chief executive of Diageo, welcomed the reduction of alcohol tariffs from 150 per cent to 75 per cent, with a further long-term reduction to 40 per cent.
“This agreement is a great moment for both Scotch whisky and Scotland. We’ll be raising a glass of Johnnie Walker to everyone who worked hard to achieve it,” said Jhangiani.
Jean-Etienne Gourgues, chairman and CEO of Chivas Brothers, added: “The signing of the UK-India FTA offers hope in challenging times for the spirits industry. India is the world’s largest whisky market by volume, and improved access will be a game changer for our brands like Chivas Regal and Ballantine’s.
“The deal will support long-term investment and jobs at our distilleries in Speyside and bottling plant at Kilmalid, helping growth in both Scotland and India over the next decade. We hope both governments will ratify the deal quickly so businesses can begin implementation.”
(PTI)
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Several companies within Anil Ambani’s group have entered bankruptcy proceedings since 2017.
INDIA's financial crime agency has searched 35 locations linked to the Reliance Anil Ambani Group as part of an investigation into alleged money laundering and diversion of public funds, a government source told Reuters on Thursday.
According to the source, the Enforcement Directorate (ED) alleges the group was involved in a “well-planned” scheme to divert bank loans worth 30 billion rupees (around £256 million) from YES Bank to various shell companies between 2017 and 2019. The source requested anonymity as he is not authorised to speak to the media.
Entities under Anil Ambani’s Reliance Group are also accused of paying bribes to YES Bank officials before the loans were sanctioned. The source said the approvals violated internal processes at the bank.
Several companies within Anil Ambani’s group, the younger brother of Mukesh Ambani, have entered bankruptcy proceedings since 2017.
YES Bank, which had extended significant loans to the group, was declared insolvent in 2020. It was later rescued under a plan backed by Indian lenders and approved by the central bank. Japan’s Sumitomo Mitsui Banking Corp is looking to acquire a 20 per cent stake, pending regulatory clearance.
The investigation also found serious lapses in YES Bank’s loan disbursement process, including lending to financially weak companies, backdating of credit memos, evergreening of loans to avoid classifying them as nonperforming, and misrepresentation of financials.
Rana Kapoor, the former promoter of YES Bank, was charged with bank fraud by the ED in 2020 and arrested. He pleaded not guilty and was granted bail in 2024 by a special court in Mumbai, according to Indian media reports.
Anil Ambani’s group companies have faced multiple regulatory actions in recent years. In August 2024, SEBI barred Anil Ambani and 24 others from the securities markets for five years, citing diversion of funds from Reliance Home Finance.
Shares of Reliance Infrastructure and Reliance Power fell by up to 5 per cent on Thursday following news of the ED probe.