Tech giant Wipro Limited has announced that Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments.
The company's board of directors has initiated a search to identify the next CEO. Abidali will continue to hold the office until a successor is appointed for a smooth transition and to ensure that business continues as usual, said the company.
"We thank Abid for his leadership and his contributions to Wipro. Over the last four years, Abid helped build a strong execution mindset, drove key acquisitions and scaled our Digital business globally. We wish him the very best for the future," Wipro Chairman Rishad Premji said.
"It has been my honour and privilege to serve Wipro, a company with a rich legacy of almost 75 years. We have made considerable progress in our transformation journey, improved our delivery engine and institutionalised deeper client centricity. I thank Azim Premji, Rishad, our Board of Directors, my Wipro colleagues and customers for their support over the years," Neemuchwala said.
Fifty-year-old Neemuchwala, who was appointed the Wipro CEO in January 2016, is a post-graduate from IIT Bombay. He has a Masters in Industrial Management degree and also is an Electronics and Communication graduate from NIT-Raipur.
Wipro's Q3 consolidated profit dropped 3.2 per cent YoY to Rs 2,462.90 crore in FY20, while its revenue rose 2.73 per cent to Rs 15,470.50 crore from Rs 15,100.60 crore during the same period a year before.
Wipro, which is a leading global information technology, consulting and business process services company, has a total workforce of 175,000 employees. Wipro share fell 2.35 per cent to 240.95 on NSE on Thursday as compared to its previous close of 246.75.
Edited by Manoj Sharma