The AGM notice sent out to shareholders in June also said if the new directive didn't come to effect, Rishad Premji
would continue as the executive chairman.
In response to a mail sent by Business Standard, a company spokesperson said, "Wipro
will comply with all applicable regulatory norms."
To boost corporate governance, Sebi mandated a separation in the roles of chairperson and managing director. The directive also said the chairperson should be a non-executive director and not related to the managing director or the CEO of the company.
Once implemented, Rishad Premji
will be one of the youngest business leaders to don the role of non-executive chairman at a large cap Indian company. Wipro, which has a market capitalisation of around Rs 1.45 trillion, is India’s fourth largest IT services company.
The 42-year-old took over the reins of chairmanship from his father and founder Azim Premji
in July. Currently, Azim Premji
and his family own about 74 per cent stake in the firm.
After an MBA at the Harvard Business School, Rishad Premji worked with GE Capital and Bain & Co, before joining Wipro
in 2007. He has performed multiple roles at the firm, from heading investor relations to strategy, before taking over the chairmanship.
Persons close to him said he is a quick decision-maker, who provides a strategic direction to Wipro in new business areas. They also said Rishad Premji’s move to a non-executive will not impact business operations, as he would continue to give strategic direction as chairman. “As a founder and voice of the industry (being the former chairman of Nasscom), his experience and knowledge will come in handy to provide right direction to the Indian IT sector," said Pareekh Jain, founder of Pareekh Consulting.