Neemuchwala was made CEO the following year and took on the additional role of managing director in 2019 when billionaire and philanthropist Azim Premji step down as the company’s chairman and his son Rishad Premji was appointed in his place.
Wipro's stock rose about 13 per cent under Neemuchwala's tenure as the CEO, compared to a 59 per cent rise in India's blue-chip NSE Nifty 50 index, reported news
Wipro, India's fourth largest IT services company, on January 17 reported a 35.1 per cent year-on-year (YoY) jump in its net profit at Rs 2,552.6 crore for the second quarter of the financial year 2019-20 (FY20). On sequential basis, the figures grew 6.9 per cent.
Growth has remained a concern at the Bengaluru-based company. Wipro
has been hit by a spending crunch from its key Western clients, who seek better services at cheaper rates, said Reuters.
"lt has been my honour and privilege to serve Wipro, a company with a rich legacy of almost 75 years," said Neemuchwala about his resignation in a company press release.
A company representative declined to provide further details on Neemuchwala's resignation or on his future plans, said Reuters.
'We thank Abid for his leadership and his contributions to Wipro," said Rishad Premji.