ThinkingStreet.com

Software exporter [1] Wipro was hit by rumours on Monday of a mass exodus of its top executives, which contributed to a near 2% decline in its stock price. Other than the newly promoted joint CEOs, nearly every senior management officials’ names were bandied about.

Eventually, it turned out to be a case of a storm in a tea cup. A Wipro official confirmed that PR Chandrasekar, president, Americas and Europe, had resigned, but no other executives had quit “An internal announcement about his resignation was made on Monday,” the official said in response to a query by ET.

Mr Chandrasekar has spent close to eight years in Wipro, having joined the firm from General Electric, where he was director, business development, for India. The other well-known name to have joined Wipro from GE and then quit was Vivek Paul. Mr Paul was head of GE’s global CT scanner business when Wipro picked him up.

During the day, however, a leading business television channel reported market talk that four key executives of Wipro were quitting, which in turn fuelled speculation about many more senior officials, including the head of Wipro BPO, TK Kurien, and Sudip Nandy, who heads the telecom business under the new structure.

The main reason cited for the supposed resignations was the unhappiness over the recent changes in the management hierarchy. Two weeks ago, Wipro announced a realignment of its management structure, under which Girish Paranjpe and Suresh Vaswani were appointed as joint CEOs, with Mr Vaswani heading the infotech, BPO and enterprise division and Mr Paranjpe heading the telecom and BFSI businesses.

[2] Original Source