Wipro drops 2% as CEO & MD Abidali Z Neemuchwala resigns

NEW DELHI: Shares of IT major Wipro dropped 2 per cent in Friday’s trade after CEO and MD Abidali Z Neemuchwala decided to step down due to family commitments.

“The board of directors has initiated a search to identify the next CEO. Abid will continue to hold the office of CEO & MD until a successor is appointed for a smooth transition and to ensure that business continues as usual,” the technology firm said on Friday.

Following the development, the stock fell 2.28 per cent to hit a low of Rs 235.30 on BSE.


Neemuchwala has served as the CEO and MD of Wipro since February 2016. Prior to that, he was the CEO of the BPO division of Tata Consultancy Services Limited.

Rishad Premji, Chairman, said, 'Over the last four years, Abid helped build a strong execution mindset, drove key acquisitions and scaled our Digital business globally."

Neemuchwala said, "We have made considerable progress in our transformation journey, improved our delivery engine and institutionalised deeper client centricity."

Wipro is a leading global information technology, consulting and business process services company. It has over 175,000 employees serving clients across six continents.

The shares of the company closed 1.81 per cent lower at Rs 236.45 on BSE.