Shares of IT services major Wipro on Friday fell by nearly 2 per cent after the company said its CEO Abidali Z Neemuchwala has decided to step down.
The company's scrip declined 1.66 per cent to close at Rs 236.80 on the BSE. During the day, it dropped 2.38 per cent to Rs 235.05.
On the NSE, it dipped 1.74 per cent to close the day at Rs 236.50.
Wipro on Friday said its CEO Abidali Z Neemuchwala has decided to step down and the company's board has started scouting for his successor.
Neemuchwala, 52, took over the additional role of managing director in July 31. His term as CEO was to end in 2021.
In a regulatory filing, Wipro said Neemuchwala has "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 and MD until a successor is appointed for a smooth transition and to ensure that business continues as usual," it added.
Neemuchwala had joined Wipro in 2015 as Group President and Chief Operating Officer after a 23-year-long stint at Tata Consultancy Services.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app