Tuesday June 5, 02:38 AM
Rishad Premji to join Wipro after AGM
|
|
By Corporate Bureau
With the Ambanis going through a bitter split and the Bajaj group demerging, Wipro Ltd's announcement on Monday that Azim Premji's son will join the NYSE-listed company triggered speculation over the succession plan. "Rishad Premji is going to join Wipro at a level commensurate with his background and experience. His joining has been approved by the board and is subject to shareholder approval. This is required statutorily because he is a relative of a director," Wipro stated in a note. Sources said 31-year-old Rishad will be joining the financial services practice of Wipro Technologies and would report to president Girish Paranjpe. He will join after July, since the AGM takes place that month. After getting the shareholders' nod, the company will have to take government permission. Rishad graduated from Wesleyan University in the US and worked for a few years with General Electric before moving to Harvard. He has been working with consulting firm Bain & Co in London. He married childhood sweetheart Aditi in 2005. Azim Premji owns nearly 84% stake in the company and, according to analysts, the move to induct his son implies a succession plan has been put in place. "Now, it is the CFO who is the second most important person in a firm and bringing Rishad to the financial services practice is basically paving the way to the throne. Eventually, he will be the chairman of the company," one analyst predicted.
|
