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Tech CEOs who were Fired in 2011
By siliconindia
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Friday, 30 December 2011, 20:38 IST
Girish Paranjpe and Suresh Vaswani, Wipro
The duo CEO, Girish Paranjpe and Suresh Vaswani took over the helm of Wipro as co-CEO's in the year April 2008 and continued till January this year. The duos were replaced by CEO of IT Business and Executive Director, T K Kurien after they resigned voluntarily on January, this year from their respective positions, referring to some personal excuses.
The hiring of two potential CEO's was a boasting factor as the Wipro giant anticipated a lot of encouraging opportunities mixed with extra efforts to pull out finances to aid in different sectors in the near future. However the joint CEO's performance failed to meet its expectations.
During the tenure of both the co-CEO's, Wipro's performance was not an impressive one as the company saw a downturn in its capital in sectors like healthcare, financial services, insurance etc. at some point in the quarter third of their tenure. To survive in the completion with rival companies, the IT giant drained a considerable amount of money which led to the misappropriation of funds. While Girish was responsible for managing sectors such as while financial services, communication, media, telecom and technology, Vaswani handling healthcare and energy ,manufacturing, enterprise applications, retail and consumer products, government and transportation, sectors, testing service lines, technology infrastructure, , business technology enterprises and BPO.
The duo were accused of failing to meet the expectations targeted in the Financial Year of 2010-2011, Wipro's financial performance faced a downturn which slowed down in completion with the IT's major peers, Infosys and TCS. Making it worse, the situation went bad even more when the fourth ranking American IT giant, Cognizant, was all set for Wipro acquisition in the last quarter (January to March 2011). The targets set for the financial years badly faltered due to the company's failure in productivity and functioning which became a crucial point for their replacement.
Commenting on Wipro's under performance, T K Kurien, the new CEO, said that it was the decision of the management to permit their departure. He said, "The Joint CEO structure was one of the key factors that successfully helped us navigate the worst economic crisis of our times. With the change in environment, there is a need for a simpler organization structure."
