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Hyatt chairman Thomas Pritzker to step down over Epstein ties
Thomas Pritzker admits terrible judgment regarding past associations
CHICAGO: Thomas Pritzker, the long-standing executive chairman of Hyatt Hotels, has announced he will step down from his role and will not seek re-election to the company board in 2026. The decision marks the end of an era for the hospitality giant, which Pritzker has led for over two decades.
The departure follows Pritzker’s public admission regarding his previous links to Jeffrey Epstein and Ghislaine Maxwell. In a statement addressing his resignation, Pritzker expressed deep regret over the association, acknowledging that his failure to distance himself from the pair sooner was a significant lapse.
Pritzker framed his exit as a necessary step to protect the Hyatt brand. He stated that maintaining contact with Epstein, a convicted sex offender, and his associate Maxwell demonstrated “terrible judgment” for which there was “no excuse.”
The move comes amid ongoing scrutiny of high-profile figures in business and politics. Since Epstein’s 2019 arrest and subsequent death, a vast cache of Justice Department documents has detailed his extensive connections to global elites, many of whom continued their associations after his initial 2008 conviction.
Pritzker has served as executive chairman since 2004, guiding the hotel group through major transformation. He led the company’s public offering and shifted to an “asset-light” model, focusing on management and franchising. He also navigated the company through the challenges of the Covid-19 pandemic, showing strategic foresight.
While Pritzker highlighted the growth and resilience of the company under his leadership, the controversy surrounding his personal associations has made his continued presence on the board untenable.
As Hyatt prepares for a future without its long-time leader, the focus will likely shift to ensuring the transition does not disrupt the company’s current momentum. Pritzker will remain in his position until the 2026 board changes take effect.
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Wipro hires 7,500 freshers, withholds FY27 hiring outlook
Profit rises to Rs 3,522 crore, Rs 15,000 crore buyback announced.
MUMBAI- Hiring may be on, but visibility is off, Wipro is adding talent even as it pauses the crystal ball. The company hired 7,500 freshers in FY26 but stopped short of offering any hiring outlook for FY27, underscoring the uncertainty gripping the IT services sector as it pivots towards an AI-led operating model.
The disclosure came alongside its fourth-quarter earnings, where management flagged volatile demand conditions and refrained from committing to future workforce expansion. Chief human resources officer Saurabh Govil noted that over 3,000 of the total hires were onboarded in the March quarter alone, signalling continued intake despite a lack of clarity on deployment pipelines.
This divergence active hiring without forward guidance reflects a broader industry pattern where talent acquisition continues even as deal conversions remain uneven and client spending cycles stretch. Wipro expects its IT services revenue for the June quarter to range between a decline of 2 per cent and flat growth sequentially in constant currency terms, reinforcing near-term caution.
Chief executive officer Srini Pallia pointed to artificial intelligence as both a disruptor and an opportunity. He said evolving client priorities are pushing the company towards outcome-driven engagements, with Wipro increasingly focusing on a services-as-software model through its AI Native Business and Platforms unit. The shift marks a structural change from traditional headcount-led growth to AI-enabled delivery frameworks.
The company has already committed over $1 billion to its AI ecosystem, with investors closely watching how these investments translate into revenue. For now, the numbers present a mixed picture. Net profit rose sequentially to Rs 3,522 crore, while revenue grew 3 per cent to Rs 24,236 crore. However, core IT services performance remained under pressure, with full-year revenue declining 0.3 per cent in dollar terms and 1.6 per cent in constant currency.
Large deal bookings offered a counterpoint, rising 45.4 per cent year-on-year to $7.8 billion, highlighting a widening gap between deal wins and actual revenue realisation. On a quarterly basis, IT services revenue slipped 1.2 per cent sequentially, signalling continued softness in execution.
Margins, however, told a more optimistic story. Operating margins expanded to 17.3 per cent in the fourth quarter, up from 14.8 per cent in the previous quarter, reflecting improved cost discipline. That said, the company cautioned that upcoming wage hikes and the ramp-up of large deals could exert pressure going forward.
Attrition stood at 13.8 per cent in the March quarter, indicating stabilisation after periods of elevated churn. Alongside its earnings, Wipro also announced a Rs 15,000 crore share buyback, reinforcing its focus on shareholder returns, with a payout ratio of 88 per cent over the past three years.
Taken together, the numbers capture a company in transition investing in AI, maintaining hiring momentum, but navigating a demand environment where growth is uneven and visibility remains limited.
