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
USD 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 USD 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 Limited, 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.”
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global
information technology, consulting and business process services
company. We harness the power of cognitive computing, hyper-automation,
robotics, cloud, analytics and emerging technologies to help our clients
adapt to the digital world and make them successful. A company
recognized globally for its comprehensive portfolio of services, strong
commitment to sustainability and good corporate citizenship, we have
over 175,000 dedicated employees serving clients across six continents.
Together, we discover ideas and connect the dots to build a better and a
bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not limited
to, risks and uncertainties regarding fluctuations in our earnings,
revenue and profits, our ability to generate and manage growth, intense
competition in IT services, our ability to maintain our cost advantage,
wage increases in India, our ability to attract and retain highly
skilled professionals, time and cost overruns on fixed-price, fixed-time
frame contracts, client concentration, restrictions on immigration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks, our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the
success of the companies in which we make strategic investments,
withdrawal of fiscal governmental incentives, political instability,
war, legal restrictions on raising capital or acquiring companies
outside India, unauthorized use of our intellectual property, and
general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more
fully described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov.
We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and our
reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us or on
our behalf.
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