In a notable development in the corporate world, Jatin Dalal, who recently stepped down as Chief Financial Officer (CFO) of Wipro on September 21, is anticipated to take on the role of CFO at Cognizant Technology Solutions Corp. According to an insider familiar with the situation, Dalal’s appointment is on the horizon, though the source wished to remain anonymous.
Dalal, aged 48, boasts an extensive history with Wipro, having joined the company in 2002 and subsequently assuming the position of CFO in 2015. His tenure at Wipro will conclude on November 30, with Aparna Iyer appointed as his successor.
If Dalal’s transition to Cognizant materializes, it would mark a significant move for the New Jersey-based company, representing its first major hiring from a domestic technology services firm under the leadership of its new CEO, S Ravi Kumar.
Cognizant has faced challenges in maintaining pace with its industry peers in recent years, prompting the recruitment of S Ravi Kumar, who was hired from rival firm Infosys Ltd in January this year to provide stability and guide the company’s trajectory. On August 2, Cognizant announced that its current Head of Finance, Jan Siegmund, would depart by early next year.
When approached for a statement regarding the hiring speculation, a Cognizant spokesperson responded, “We do not comment on rumor or speculation in the market.” Attempts to reach out to Jatin Dalal through calls and text messages remained unanswered.
The exact reasons for Dalal’s departure from Wipro have not been disclosed by the company. However, Wipro’s Chief Executive, Delaporte, revealed to Mint that Dalal sought to “progress” and “pursue something different.” Nevertheless, it has come to light that Dalal’s exit had been in the works for approximately eight months, with reported dissatisfaction stemming from his perspective on the CEO’s leadership style.
For Jatin Dalal, transitioning to Cognizant represents a step up in terms of the scale of the organization. While Wipro, as of September 22, was valued at $26 billion and reported revenue of $11.16 billion for the fiscal year 2022-23, Cognizant, on the same date, boasted a market capitalization of $35.2 billion and concluded the calendar year 2022 with revenue totaling $19.4 billion. However, it is worth noting that Wipro maintains a superior operating margin, with 16%, in contrast to Cognizant’s 11.8%.
In the contemporary landscape, the role of a CFO has evolved significantly within technology services exporters. Beyond overseeing financial aspects, CFOs now play a pivotal role in managing operations, engaging with investors and analysts, and shaping the direction and scope of substantial deals or contracts valued at over $1 billion. This evolution highlights the growing influence of CFOs and their integral role in the strategic decision-making of tech-oriented companies.
