In the latest development, Wipro CEO and MD Abidali Z Neemuchwala decided to step down.
The firm’s shares dropped 2.28 percent to Rs 235.30 on the BSE. On the NSE, it declined 2.28 percent to Rs 235.20.
Wipro early on Friday announced that Neemuchwala has decided to step down due to family commitments.
He will continue to hold the office of the CEO and Managing Director, until a successor is appointed for a smooth transition and to ensure that business continues as usual, the company said in a BSE filing.
“We thank Neemuchwala for his leadership and his contributions to the Wipro. Over the last four years, he helped build a strong execution mindset, drove key acquisitions and scaled our Digital business globally,” Wipro Chairman Rishad Premji said.
Neemuchwala said the company has made considerable progress in its transformation journey, improved its delivery engine and institutionalised deeper client centricity.
“lt has been my honour and privilege to serve Wipro, a company with a rich legacy of almost 75 years…I thank Azim Premji, Rishad, our Board of Directors, my Wipro colleagues and customers for their support over the years,” he added.