Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that Rishad Premji, Chief Strategy Officer and Member of the Board, will take over as the Executive Chairman of the company.
Azim Premji, one of the pioneers of the Indian technology industry and Founder of Wipro Limited will retire as Executive Chairman upon the completion of his current term on July 30, 2019 after having led the company for 53 years. However, he will continue to serve on the Board as Non-Executive Director and Founder Chairman.
The Board has also announced that Chief Executive Officer and Executive Director Abidali Z. Neemuchwala will be re-designated as Chief Executive Officer and Managing Director. These changes will be effective July 31, 2019, subject to shareholder approval.
Azim Premji transformed a small hydrogenated cooking fat company to a USO 8.5 billion global IT powerhouse while also leading the transformation of Wipro Enterprises Limited into a global FMCG, Infrastructure Engineering and Medical Devices leader, with revenues of approximately USO 2 billion. He will remain the Chairman of Wipro Enterprises Limited and continue to Chair the Board of Wipro-GE Healthcare.
Ashok S. Ganguly, Independent Director and Chairman, Board Governance, Nomination and Compensation Committee, Wipro Limited said, "We thank Azim for his vision, outstanding leadership and years of extraordinary contribution towards building Wipro and the Indian IT industry. His unflinching commitment to values makes him an exemplar of how business and ethics, can and must go together. His exceptional generosity makes him one of the greatest philanthropists of our time.
Rishad's understanding of the global technology industry, strong strategic orientation and diverse leadership experience make him the right person to guide Wipro. He is also best positioned to represent the interests and fundamental social purpose of the largest shareholder of Wipro."
Azim Premji said, "I wish to thank generations of Wiproites and their families for their contribution towards building our company to what it is today. I am grateful to our clients, partners, and other stakeholders who have reposed trust and confidence in us.
It has been a long and satisfying journey for me. As I look into the future, I plan to devote more time to focus on our philanthropic activities. I have great confidence and trust in Rishad's leadership to steer Wipro in its next phase of growth as we move forward."
Chairman designate, Rishad Premji said, "I am humbled and honoured to be invited to chair the board of Wipro Ltd, a company that has over decades demonstrated that success can be built on the foundation of strong values and uncompromising integrity. This is a testament to the spirit and dedication of thousands of Wiproites.
I am very excited about our future and the opportunity to create value for all our stakeholders in these transformative times for Wipro and the technology industry. I look forward to their trust, collaboration and support."
Shares of WIPRO LTD. was last trading in BSE at Rs.292 as compared to the previous close of Rs. 293.9. The total number of shares traded during the day was 678911 in over 8664 trades.
The stock hit an intraday high of Rs. 294.7 and intraday low of 291.5. The net turnover during the day was Rs. 198759472.