The country's third-largest software firm Wipro on Friday said T K Kurien will replace Girish Paranjpe and Suresh Vaswani as chief executive officer of the IT business, a move that is aimed at simplifying its organisational structure.
Paranjpe and Vaswani, currently joint-CEOs of the IT business, will step down on February 1. Kurien will lead Wipro's IT business and will also be on the company's board as Executive Director.
"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 organisation structure," Chairman Azim Premji said in a statement.
Wipro, which has been posting muted performance for a few quarters compared to its peers Tata Consultancy Services and Infosys, has been making structural changes for some time now as it faces the danger of conceding the position of third-biggest software exporter to Cognizant.
In September last year, the company appointed Premji's son Rishad Premji as the Chief Strategy Officer.
"Vaswani and Paranjpe have been with Wipro for more than 20 years now and been an integral part of the Wipro leadership team. They have made significant contribution to the company in the critical years of its expansion and played a stellar role in the success of the IT Business," Premji said.
Shares of Wipro were trading at Rs 460.75 on the BSE, down 3.61 per cent from the previous close.