India's third-largest software firm Wipro today reshuffled its top management, appointing Abid Ali Neemuchwala as the new chief executive in place of T. K. Kurien, who has been elevated as executive vice chairman.
Neemuchwala, who joined Wipro as group president and chief operating officer from Tata Consultancy Services in April last year, will assume his new role from February 1, the company said in a statement.
He will also be a member of the board of the company.
Kurien, 57, is completing five-year tenure as CEO this month.
"In his 9 months as group president and COO, Abid has effortlessly assimilated into the culture and ethos of Wipro. The new structure will ensure smooth transition and will build on the solid foundation we have developed to drive superior growth and profitability," chairman Azim Premji said.
Kurien will continue to report to Premji and will remain a member of the board until March 31, 2017.
Neemuchwala had joined Wipro last year after a long tenure of over 23 years with TCS. "Over the past five years, Wipro has been transforming into a next generation technology and consulting company with defining differentiators in the market place," said Premji.
The changes come as Wipro looks to regain market share.
The company makes about three-fourth of its revenue from the US and Europe as firms worldover cut outsourcing spending.
The restructuring is expected to help the Bengalure-based firm compete better as IT services firms are looking at leveraging the latest technologies including digital and automation to help clients.
"As Executive Vice Chairman, T.K. will enable Abid by leveraging his deep relationships with customers and chart out a new technology roadmap for Wipro," Premji added. Kurien said Abid has demonstrated a deep understanding of technology, business vision, sound judgement and an innate ability to bring people together. "I have no doubt that Abid is the right leader to lead Wipro in its next phase of growth."
"It is a privilege and an honour to be invited to lead Wipro, a company with a rich heritage of technology innovation and unflinching commitment to values.
"I am convinced that we are well positioned to seize new opportunities in today's marketplace. I look forward to working with the thousands of Wiproites to take our company to greater heights," said Neemuchwala.
Before Wipro, Kurien had served as Managing Director of GE X-Ray and CFO of GE Medical Systems (South Asia).