Company plans to notch up a turnover of around $30 billion and be among the top 10 global IT services majors by 2020
Last year Wipro Technologies, the third largest IT services company, put in place a joint-CEO model—the first-of-its kind for a multi-billion dollar Indian IT company. The two CEOs, Girish S Paranjpe, joint CEO, IT Business and member of board, Wipro, and Suresh Vaswani, joint CEO, IT Business, member of board Wipro, having completed a year at the helm are now embarking on a new growth model and setting sights for 2020. By then the company plans to notch up a turnover of around $30 billion and be among the top 10 global IT services majors. They did not want to be pinned down to any numbers and all they would say is that they would grow five to six times their present turnover of around $5 billion.
It's recent large customer wins including Unitech Wireless, Origin, Morrison's is an indication of the shape of things to come. Wipro is currently chasing more such big deals—at least 30 of them—which will bring additional revenue in excess of $1.5 billion. In an exclusive interview on completing a year of the joint CEO model, Girish and Suresh discuss the future Wipro, Vision 2020, how the joint-CEO model has worked, how it plans to tackle MNC competition, Rishad Premji and more. Excerpts:
What has made the joint CEO model work?
Girish: One of the things, which helped before we started this model, was that we spent some time in thinking about it—how will it work? There are some things for which we are jointly and severally responsible and we cannot walk away from it. When it has to do with company strategy, brand, people policy and financial outcome—those are indivisible. Both of us are fully responsible. Apart from that, there are business lines, service lines, geography and functions. For these, we did a neat division between ourselves with some balance.
What has been the major success of the joint CEO model?
Suresh: We have come out very strongly, be it in terms of revenue performance, pricing, operating margins and some of the large opportunities that we won. Globally, we won large System Integration (SI) deals. We have kept our eyes on strategic thrust of the business—that is building transformation capability, or SI capability, we just kept on. There is clearly a sense of more bullishness in Wipro now than what it was a year back or two years back.
Girish: We do an external customer satisfaction survey where we poll some of our biggest clients. The c-sat rating has gone up 20 percent over last year. That has been a good measure of the success of the joint CEO model.
The Economic Times
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