Wipro slips over 2% after Abidali Neemuchwala steps down as MD and CEO

Wipro slipped over 2 per cent in the morning trade on Friday after the company announced that Chief Executive Officer (CEO) and Managing Director (MD) Abidali Z Neemuchwala has decided to step down due to family commitments.

Neemuchwala, 52, is leaving due to “family commitments” and will continue to hold office until a successor is appointed, said Wipro in a regulatory filing.

“The Board of Directors has initiated a search to identify the next Chief Executive Officer. Abid will continue to hold the office of CEO & Managing Director until a successor is appointed for a smooth transition and to ensure that business continues as usual,” the company said.