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Wipro, a prominent IT services company in India, is set to provide its ex CEO, Thierry Delaporte, with a substantial severance package worth approximately Rs 92.1 crore,
Wipro, a prominent IT services company in India, is set to provide its ex CEO, Thierry Delaporte, with a substantial severance package worth approximately Rs 92.1 crore, or $11 million, after he left the company prematurely. However, according to ET reports, there is a crucial condition attached to this payout: the company will only pay if Delaporte refrains from taking up employment or consulting work with any other company for a period of twelve months following his official departure date of May 31, 2024. According to reports, Delaporte’s employment contract contains a clause stating that the company must give him 12 months’ worth of base pay, as applicable, if his employment is terminated without cause.
Delaporte joins the ranks of other high-ranking executives who have received severance packages upon leaving their companies, as this one is among the largest ever extended to a CEO by an Indian IT company. Former TCS CEO Rajesh Gopinathan received a payout of Rs 48 crore when he left the company in 2023, and former Cognizant CEO Brian Humphries received a $6.6 million severance package when he left the company in the first half of 2023.
Wipro has appointed Srinivas Pallia as its new CEO, following Delaporte’s exit. Executive Chairman Rishad Premji announced that Delaporte would stay on until the end of May, collaborating closely with both Pallia and himself to guarantee a seamless handover.
While it is customary for large IT companies to provide their departing senior executives with sizeable severance packages, these payments frequently have restrictions. For his part, Thierry Delaporte will only get the whole sum if he agrees to forgo accepting a job or consulting engagement with any other business for a full year following his official departure from Wipro in May 2024.
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