Azim Premji writes letters to staff, reaffirms commitment towards Wipro

He owns 73.25% stake in Wipro and took home 63% less compensation last fiscal

Azim Premji, Chairman of Wipro,  wrote a letter to his employees on Monday night stating his confidence in the company’s capabilities to achieve growth after a news report appeared claiming  “promoters of Wipro are at early stage of evaluating sale of part or whole holding in the company”. 

“Over the past 50 years, I have seen Wipro grow from a small regional player in vegetable oils to a  global leader in technology. I continue to be incredibly excited about the potential of the IT industry and Wipro. I see enormous energy within the company to power the success of our clients and therefore the success of Wipro,” Premji wrote in the letter. 

“I remain as committed to Wipro as I have ever been,” said the Wipro chairman, adding that “the news article about promoters of Wipro evaluating sale of their holding in the company is baseless and malicious. There is no truth to these unsubstantiated rumors.”

Premji, who owns 73.25 per cent stake in Wipro, took home 63 per cent less compensation ‘last fiscal as the country’s third largest software exporter saw profits declining due to shifts in business and technology. 

Protectionism in Indian IT’s key markets in the US and Europe is also adding to the challenges before the industry. 

Earlier this year, Premji had called on employees to stick to the company’s core values to deal with business challenges going ahead and said that the company’s success enables the possibility of making a difference to some of the most disadvantaged people in the world.