Wipro shares fall nearly 2% as CEO Abidali Z Neemuchwala to step down

New Delhi, January 31

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. PTI