Wipro Shares Slump After CEO Steps Down

Shares of Wipro Limited extended decline for the second consecutive day and fell as much as 2.3 percent to an intraday low of Rs 235.20.

The IT company said in a stock exchange filing on Friday that its "Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments."

Wipro: Quotes, News

BSE 189.050.3 (-0.16%)

NSE 189.050.31 (-0.16%)

"The Board of Directors has initiated a search to identify the next Chief Executive Officer. Abid will continue to hold the office of CEO & Managing Director until a successor is appointed for a smooth transition and to ensure that business continues as usual," it added.

Rishad Premji, Chairman said, "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."

Neemuchwala joined Wipro from in April 2015 as Group President and COO after working for TCS for 23 years. As the COO, Neemuchwala spearheaded several initiatives at Wipro. He was elevated to CEO and executive director in February 2016, succeeding T.K. Kurien.

In September 2018, he helped Wipro land its largest deal in history, a 10-year contract with Alight Solutions worth $1.5 billion.

At the end of July 2019, he was appointed managing director (MD) of Wipro following the retirement of Azim Premji.