Wipro promotes Premji heir apparent Rishad to Wipro board
Wipro has finally promoted Azim Premjiâ€™s son into the board of the Indian business giant. Experts are of the view that it was a long-overdue move and that it is aimed at promoting him onto the top of the business conglomerate.
Though the elevation is not abrupt and he is slowly being moved to the top. Rishad Premji, eldest son and Harvard Business School graduate will join the board beginning May 1. He is already serving Wipro as its chief strategy officer.
The best thing about the appointment is the fact that the elevation comes when the company seems to be in its best form. The announcement of his promotion to the board came alongside Wipro’s fourth-quarter earnings and a modest 2 percent rise in profit. That beat expectations of a slight dip, thanks to a rise in its Western clients’ technology spending.
There is no denying the fact that it was expected and people knew it was coming. Azim Hashim Premji took over his own father’s small vegetable oil business in the mid-1960s and turned it into countryâ€™s biggest business organizations.
While talking about the appointment Wipro’s Chief Executive Officer T.K. Kurien said, â€œThere is nothing much to be read into this other than the fact he is really representing shareholders’ interestâ€. As far as the fourth quarter earnings are concerned, Wipro’s net profit rose to 22.72 billion rupees ($361.38 million), compared with 22.27 billion rupees in the same period the previous year, the company said in a statement.