Wipro Shareholders Greenlight $4.3 Million Exit Deal For Former CEO Thierry Delaporte

Shareholders of Wipro have approved payment of $4.3 million cash severance package for Thierry Delaporte, its former CEO and Managing Director, with 89.7% voting in favour of the resolution.

The Bengaluru-headquartered Indian IT major had announced the resignation of Delaporte in April this year, and had named Srinivas Pallia as the new Chief Executive Officer.

During the voting exercise on the resolution pertaining to payment of $4.33 million in cash compensation and applicable social security contributions for Delaporte, 89.7% voted in favour with 10.31 voting in dissent, according to a BSE filing.

"The Chairman noted the results of voting as stated above and it was declared and recorded that the ordinary resolutions as set out in the Notice of Postal Ballot dated Apr. 19, 2024 were duly passed by the Members on Wednesday, May 29, 2024 with requisite majority," Wipro filing said.

Wipro's Founder-Chairman Azim Premji and the promoter group entities hold majority shares in the firm (almost 73%), which aided the passage of the resolution.

Meanwhile, shareholders have also approved Pallia's appointment as CEO and managing director of the company, with as many as 99.83% votes in favour of the said resolution.